Extell Development Secures $340M Refinance Loan In Midtown West Manhattan

The development site in Midtown West, Manhattan, comprising 13 parcels including 2 West 47th Street, 10 West 47th Street, and 562 5th Avenue, has a total square footage of 192,317 and a buildable square footage of 435,070. The property was subject to a $340 million refinance loan secured by Marc Kwestel of Extell Development from lender Nawoo Lee of IGIS Asset Management.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $340,000,000
• Landlord: Marc Kwestel - Extell Development
• Lender: Nawoo Lee - IGIS Asset Management
• Representative: 46/47 Owner LLC
• Facilitated by: IGIS USA LLP

The refinance loan worth $340 million for the development parcels was facilitated by IGIS USA LLP on behalf of IGIS Asset Management, for properties located in Midtown West, Manhattan. Extell Development, represented by 46/47 Owner LLC, acted as the borrower in this transaction, securing the refinancing from lender Nawoo Lee of IGIS Asset Management.