Helaba provided the debt
Gary Barnett’s Extell Development has secured $118.2 million in financing from Helaba for his assembled development site in Yorkville, according to TRD. Barnett is planning to build a residential tower on First Avenue between East 79th and 80th Streets.
Secret Sauce: In some of the deals, Barnett had other investors act as a shield to maintain the secrecy of the assemblage. For example, although property records indicated that Martin Hollander had acquired 1516+1518 First Avenue for $14.8 million, Extell was the real buyer.
Be Smart: With a total of 10 parcels, the site allows for the construction of around 200,000 SF. However, Barnett intends to pursue an inclusionary housing bonus, which would bring the size to at least 250,000 SF.