Extell Development Secures $425M Construction Loan For Life Sciences Property On Upper East Side

The property involved in this transaction is located at 1520 1st Avenue in the Upper East Side market. It is a life sciences asset with a total area of 420,000 square feet. The deal took place on October 27, 2022.

Summary of transaction details:

• Property Type: Life Sciences
• Transaction Amount: $425,000,000
• Lender: Rexmark - Joshua Khakshoor, InterVest Capital Partners - Michael Gontar & Evan Abraham, Pacific Western Bank & Harbor Group International
• Landlord: Extell Development - Gary Barnett
• Loan Type: Construction

The key individuals and companies involved in this deal include Joshua Khakshoor representing Rexmark, Michael Gontar and Evan Abraham representing InterVest Capital Partners, and Pacific Western Bank & Harbor Group International. The landlord of the property is Extell Development, represented by Gary Barnett. Notably, 196,000 square feet of the property has been pre-leased to the Hospital for Special Surgery, as mentioned by Joshua Khakshoor.