M&T Bank provided the debt
Gary Barnett’s Extell Development has secured $530 million in financing for their residential tower at 138 Willoughby Street in Downtown Brooklyn. Upon completion, the condo tower (AKA Brooklyn Point) will contain 485 units.
Financing Breakdown: A consortium of banks led by M&T Bank provided the $425 million construction loan, which carries a 4 percent interest rate over Libor. Scott Rechler’s RXR Realty provided the $105 mezzanine loan, which carries a 10 percent interest rate. Both loans come due in 2022.
Flashback: Extell paid $120 million for the development site in 2015. The project is the third tower of the City Point Project (1.8 million SF), and has a projected sellout of $901 million, the company disclosed.