Extell Seeks $3.8B Financing for Condos on Former ABC-TV Campus
JPMorgan Chase & Co. is in talks to lead a $3.8-billion financing for Extell Development’s plan to build condominiums on Manhattan’s Upper West Side at a site that formerly housed the headquarters of the ABC television network. Bloomberg News reported that the financing would be among the largest construction loans ever in the U.S.
Extell paid $930 million to acquire the site in 2022 and filed plans last April to build an 86-story tower designed by Robert A.M. Stern Architects. The prolific developer, whose past projects include Central Park Tower and One57, finalized $1.25 billion in financing earlier this month for an 1,800-key hotel in a Times Square project known as the Torch, reported Bloomberg.
If it comes together, the financing for the 80 W. 67th St. project would follow the $3.3-billion construction loan that Vornado Realty Trust recently secured for 350 Park Ave., an office tower it’s developing with Rudin and Citadel’s Ken Griffin.
Other News
HFO Investment Real Estate Closes $27M Sale of Luxury Apartments in Fairview
HFO Investment Real Estate has completed the $27.3 million sale of Fieldstone Luxury Apartments, a 154-unit community at 20650 NE Halsey St. in Fairview, Oregon. Affordable Housing Associates of Irvine, Calif., sold the property to Benedict Canyon Equities of Los Angeles. The transaction closed at a price of $177,272 per unit. The sale price marks...
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Daniel Management Group Lands Mundelein MF Management Assignment
Daniel Management Group (DMG), a Chicago-based real estate firm focused on multifamily investment and management, announced an extension of our relationship with Hawthorne Management Services (HMS) in Mundelein, Illinois. DMG is awarded Lakeside Village Apartments, a community with 144 newly renovated units. The development is located near Hawthorne Mall and one mile from the METRA...
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NRP Group Celebrates Grand Opening of Affordable Housing Property in DC
The NRP Group, in partnership with Marshall Heights Community Development Organization, Inc., announced the completion and opening of Emblem Apartments, a 115-unit affordable housing community located in the heart of Washington, D.C.’s NoMa and Union Market neighborhoods. “We call this community ‘Emblem’ for a reason: because it is emblematic of how NRP and our partners...
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout