Gary Barnett’s Extell Development has secured a $700 million loan package from Citigroup and Rexmark to refinance 555 Tenth Avenue and 510 East 14th Street. The luxury rental properties contain a total of 770 units.
- Financing details: Citi provided $485 million in senior CMBS loans, while Rexmark originated $215 million in mezz loans. The 10-year fixed-rate loans are interest-only and not cross-collateralized, according to CO.
- Worth Noting: Extell briefly flirted with selling the residential and retail components of 555 Tenth Avenue last year –– the asset had an asking price of $775 million. The 600-unit building contains 476,000 square feet of rentable residential space and 6,000 square feet of retail space. Solil Management owns the underlying ground.
- Dig Deeper: Extell sold a 94,000-square-foot commercial condo at the Hudson Yards building to Success Charter School in 2016 for $67.7 million, TRD reported.
- East Village asset: The rental building at 510 East 14th Street contains 160 apartments, plus a retail component, which is primarily occupied by Target (27,306 square feet).