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Extell secures $73M to refi five properties

People & Companies / Latest News

United States of America

Feb 07 2017

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Miriam Hall and Chava Gourarie, The Real Deal

Gary Barnett’s Extell Development locked in $73.5 million to refinance five commercial buildings in Chelsea, the Flatiron District and the Upper West Side.

Deutsche Bank provided the financing, which includes $26.5 million in new loans and consolidates $47 million of existing loans on the properties, according to records filed with the city Monday.

The properties include two adjacent buildings at 140 and 142 West 24th Street in Chelsea. Extell closed on the purchase earlier this month for $9 million, records show, and filed demolition permits for it last week. The five-story property next door at 142 West 24th, one of the Ring portfolio buildings, is in the process of being demolished.

The three remaining properties include 17 West 60th Street, off Columbus Circle, and 24 and 25 West 24th Street, between Fifth and Sixth avenues, in the Flatiron District.

Last week, Extell picked up the former Carnegie Deli building at 854 Seventh Avenue. The company also owns 842-846 Seventh Avenue, where it has filed plans for a 338-foot-tall residential tower.

Representatives from Extell could not be immediately reached for comment. Deutsche Bank declined to comment.

SOURCE: The Real Deal

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