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Reuben Brothers, JP Morgan Chase Refinance $500M Loan On Central Park Tower

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FINANCED
$500,000,000

New York

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Condo
Financed 07/26/2023
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Property Image
FINANCED

Reuben Brothers, JP Morgan Chase Refinance $500M Loan On Central Park Tower

Condo
Financed 07/26/2023
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Summary

Asset Type:Condo
Transaction Type:Loan

The Reuben Brothers, David Reuben and Simon Reuben, along with JPMorgan Chase & Co., have provided a loan of approximately $500 million to refinance debt on Central Park Tower. Located at 217 West 57th Street in Midtown Manhattan, Central Park Tower is an ultra-luxury condo skyscraper situated on Billionaires' Row. The property is owned by Extell Development, with Gary Barnett as the landlord.

Summary of transaction details

  • Property Type: Condo
  • Transaction Amount: $500,000,000
  • Lender: Reuben Brothers (David Reuben & Simon Reuben) and JP Morgan Chase
  • Landlord: Extell Development (Gary Barnett)
  • Loan Type: Refinance

Billionaires David and Simon Reuben, in collaboration with JPMorgan Chase & Co., have extended a loan of approximately $500 million to Central Park Tower. The loan will be used for refinancing the debt on the ultra-luxury condo skyscraper, which is located on Billionaires' Row in Midtown Manhattan. Extell Development, under the ownership of Gary Barnett, operates as the landlord for this property.

Players

LENDER


54 deals$8.2B volume
LANDLORD

Details

FINANCED
IMAGE: Simon Reuben, David Reuben & Gary Barnett DATE: 07/26/2023 ADDRESS: 217 West 57th Street MARKET: Midtown ASSET TYPE: Condo LENDER: Reuben Brothers - David Reuben & Simon Reuben; & JP Morgan Chase LANDLORD: Extell Development - Gary Barnett LOAN AMOUNT: $500,000,000 LOAN TYPE: Refinance NOTE: Billionaires David and Simon Reuben, along with JPMorgan Chase & Co., provided a roughly $500 million loan to refinance debt on Central Park Tower, an ultra-luxury condo skyscraper on Billionaires' Row in New York City.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$500,000,000.00

Monthly NOI$3,333,333.33
Monthly Debt Service$3,160,340.12
Change in Cash Flow$0.00
Refinance Proceeds$0.00