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Extell Development has landed $530M for its downtown Brooklyn residential tower, the developer’s first project in the borough.
A group led by M&T Bank provided a $425M senior construction loan, and fellow New York developer RXR Realty provided a $105M mezzanine loan, the company announced Monday. Both loans are due in 2022, The Real Deal reports, and M&T’s arrangement requires Extell to sell at least $175M worth of condominiums within two years.
“This transaction marks a significant milestone for our first development in Brooklyn,” Extell President and founder Gary Barnett said in a statement. "It is a testament to our excellent reputation with the lending and institutional investor communities, as well as the level of confidence in Downtown Brooklyn."
The condo at 138 Willoughby St. is the tallest residential tower under construction in Brooklyn, and is part of the City Point megaproject. The building will reach 68 stories and is slated for completion in 2020. Sales launched in March, and the condominiums have an average asking price of $1.6M.
It is designed by Kohn Pedersen Fox and the amenities include a saltwater swimming pool, a 35-foot rock climbing wall, a yoga studio, a sauna and steam rooms.
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