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Getting money for NYC luxury projects isn’t as easy as it used to be. Extell Development says it’s having trouble getting the cash for One Manhattan Square as lenders put the brakes on.
The NYC luxury-condo builder had expected to get a construction loan for the project by the start of June, a condition necessary to close a separate financing deal with RXR Realty, but the firm has realized that’s no longer feasible, Bloomberg reports. Extell was forced to extend the deadline with RXR to June 30.
“We have to get the financing in place by June 30, and we expect we’ll be able to do that,” Extell president Gary Barnett told Bloomberg. “We’ve had to reduce the amount we’re looking for and we’ve had to increase the rate that we’re willing to pay.” [Bloomberg]
