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Extell Development Secures $21 Million Refinance From M&T Bank For Yorkville Properties
FINANCED
$21,000,000
New York
See Similar DealsMultiFamily158,640 SF
Financed 01/08/2026
FINANCED
Extell Development Secures $21 Million Refinance From M&T Bank For Yorkville Properties
220 East 86th Street, 30 4 East 86th Street & 1656 2nd Avenue
See Similar DealsMultiFamily158,640 SF
Financed 01/08/2026
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$132
Total Square Footage:158,640 SF
Transaction Type:Loan
The properties involved in this transaction include three residential buildings located at 220 East 86th Street, 304 East 86th Street, and 1656 2nd Avenue in the Yorkville market of Manhattan. The total square footage of these multi-family assets is 52,880, providing a combination of 58 residential units.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $21,000,000
- Lender: M&T Bank
- Landlord: Gary Barnett - Extell
- Loan Type: Refinance
- Prior Debt Replaced: $18,900,000 from Santander Bank
Extell Development, represented by Gary Barnett, facilitated this refinance deal with M&T Bank, securing new financing for the three properties while replacing existing debt. The refinancing allows Extell to streamline its financial obligations associated with these residential assets.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$21,000,000.00
Monthly NOI$140,000.00
Monthly Debt Service$132,734.28
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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