News
1 WEEK, 3 LOANS, $1B
November 3, 2011
| Who says there's no debt to be had? Extell Development landed a$700M syndicated construction loan for One57, which is being called the largest single-property US construction loan this year. The Hotel Sofitel on 44th between 55th and 56th was also refinanced for $110M, and Edward Minskoff cracked the champagne on a $160M construction loan for his spec trophy office, 51 Astor Place. |
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| Law firm Morrison & Foerster (which, for the record, we do not categorize as an evil doctor) worked on all three deals, which closedthis week. Bank of America, Capital One, Banco Santander, Abu Dhabi International Bank, and the Bank of Nova Scotia lent a hand to Extell, whose 90-story Park Hyatt and condos across from Carnegie Hall will be the city's tallest residential building (above). CIBC helped out Gem Realty and Whitehall Capital with the 30-story hotel. And BofA is the lender for the 400k SF Astor Place project, which will replace the Starbucks where Sarah Jessica Parker's character interviewed Jennifer Hudson's for an assistant job in the first Sex and the City movie. Oh the history! |
