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Extell Secures $1.13B Construction Loan From Tyko Capital For 655 Madison Avenue Development Site

Property Image
FINANCED
$1,130,000,000
Adi Chugh
Gary Barnett

New York

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Development Site764,698 SF
Financed 12/15/2025
the dealplayerscompscontact
Property Image
FINANCED

Extell Secures $1.13B Construction Loan From Tyko Capital For 655 Madison Avenue Development Site

655 Madison Avenue

See Similar Deals
Development Site764,698 SF
Financed 12/15/2025
Adi Chugh
Gary Barnett
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,477
Total Square Footage:764,698 SF
Transaction Type:Loan

Extell Development secured a construction loan for its development site located at 655 Madison Avenue, Manhattan. The asset encompasses a total of 764,698 square feet and is a 74-story supertall building. The loan amount reached $1,130,000,000, representing a significant financial commitment for the construction project.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $1,130,000,000
  • Address: 655 Madison Avenue
  • Market: Manhattan
  • Lender: Adi Chugh - TYKO Capital
  • Landlord: Gary Barnett - Extell
  • Loan Type: Construction

The transaction involved key individuals, specifically Adi Chugh from TYKO Capital, who acted as the lender providing the substantial construction loan. Gary Barnett, representing Extell Development, is the landlord linked to this notable financing agreement in 2025.

Players

Adi Chugh
TYKO Capital
Adi Chugh
24 deals$5.9B volume
LENDER
TYKO Capital
TYKO Capital
LENDER
Gary Barnett
EXTELL
Gary Barnett
58 deals$8.3B volume
LANDLORD
EXTELL
EXTELL
LANDLORD

Details

FINANCED
IMAGE: Gary Barnett & Adi Chugh DATE: 12/15/2025 ADDRESS: 655 Madison Avenue MARKET: Manhattan ASSET TYPE: Development Site ~ SF: 764,698 LENDER: Adi Chugh - TYKO Capital LANDLORD: Gary Barnett - Extell (@Extell) LOAN AMOUNT: $1,130,000,000 LOAN TYPE: Construction NOTE: Extell Development secured a $1.13B construction loan from Tyko Capital for its 74-story, 764,698-square-foot supertall at 655 Madison Avenue, marking NYC’s largest construction financing of 2025.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$1,130,000,000.00

Monthly NOI$7,533,333.33
Monthly Debt Service$7,142,368.67
Change in Cash Flow$0.00
Refinance Proceeds$0.00