Extell Development has bought out Hong Kong-based Meridian Capital’s 62% stake in its 13-part assemblage at Fifth Avenue between 46th and 47th Streets for $263.7 million. The firm also bought out SL Green’s interest at 562 Fifth Avenue for $52.4 million, PincusCo first reported. Extell is planning an office building at the Midtown site.
- Financing: Extell secured $440 million in financing for the two deals. The total includes a $340 million senior loan from JPMorgan Chase and an unnamed bank, in addition to a $100 million mezz loan from Meritz Financial Group.
- Be Smart: The assemblage includes 3-13 West 46th Street, 2-10 West 47th Street, and 562-574 Fifth Avenue, and has development potential (as-of-right) of 607,557 square feet. Gary Barnett began assembling pieces of the site in 2008, and has spent a total of $540 million to date. The new loan package also replaces $313 million in previous debt.