Extell Development has secured a $122.4 million loan from Van Nguyen’s JVP Management to refinance 1710 Broadway (AKA 211 West 54th Street), according to documents made available in the Tel Aviv Stock Exchange. The Midtown development site offers 370,000 buildable square feet.
Financing details: The new loan refreshes previous debt provided by Bank OZK, and provides a $66.4 million gap mortgage. The two-year loan carries a floating interest rate of 4.5 percent over LIBOR, according to CO. It also comes with an option for a one-year extension.
Worth Noting: The existing property at 1710 Broadway currently holds an 83,000-square-foot office building. Extell put a portion of the site on the market (288,000 BSF) last year, but opted to refi the entire asset instead.