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Extell Development Secures $1.2B Refinance Loan For Central Park Tower
FINANCED
$1,200,000,000
New York
See Similar DealsCondo
Financed 07/09/2024
FINANCED
Extell Development Secures $1.2B Refinance Loan For Central Park Tower
50 West 66th Street
See Similar DealsCondo
Financed 07/09/2024
Summary
NEW YORK
Asset Type:Condo
Transaction Type:Loan
The property involved is a condominium located at 50 West 66th Street in Lincoln Square, Manhattan. The asset, known as Central Park Tower, is marketed as the world's tallest residential building. It is currently 50% sold, with residential units starting at $4.6 million.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $1,200,000,000
- Lender: Anthony Shaskus - JVP Management
- Landlord: Gary Barnett - Extell Development
Extell Development, led by Gary Barnett, secured a $1.2 billion loan from JVP Management to refinance Central Park Tower. Despite legal challenges, the skyscraper has achieved significant sales success, with half of its units already sold at prices starting from $4.6 million.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$1,200,000,000.00
Monthly NOI$8,000,000.00
Monthly Debt Service$7,584,816.28
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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