Extell Development Secures $425M Construction Loan For Life Sciences Property On Upper East Side
FINANCED
$425,000,000
New York
See Similar DealsOther420,000 SF
Financed 10/26/2022
FINANCED
Extell Development Secures $425M Construction Loan For Life Sciences Property On Upper East Side
1520 1st Avenue, New York City, New York 10075, United States
See Similar DealsOther420,000 SF
Financed 10/26/2022
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$1,011
Total Square Footage:420,000 SF
Transaction Type:Loan
The property involved in this closed transaction is a Life Sciences asset located at 1520 1st Avenue in the Upper East Side market. The property spans approximately 420,000 square feet and is owned by Extell Development, represented by Gary Barnett.
Summary of transaction details
- Property Type: Life Sciences
- Transaction Amount: $425,000,000
- Lender: rexmark''>Rexmark, InterVest Capital Partners, Pacific Western Bank & Harbor Group International
- Loan Type: Construction
- Landlord: Extell Development - Gary Barnett
- Date: 10/27/2022
The lenders involved in this transaction include Rexmark, InterVest Capital Partners, Pacific Western Bank, and Harbor Group International. The loan amount for this construction project is $425,000,000.
Players
LENDER
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$425,000,000.00
Monthly NOI$2,833,333.33
Monthly Debt Service$2,686,289.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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