Published On: Mon, Oct 31st, 2016

Extell lands $260 Million construction loan for UES condo project

Consortium of lenders includes Capital One and Deutsche Bank

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Gary Barnett’s Extell Development closed on a $260 million construction loan Thursday for its 23-story Upper East Side condominium development the Kent at 200 East 95th Street, The Real Deal has learned.

Capital One is the lead lender in a syndicate that also includes Deutsche Bank. Capital One confirmed the loan deal to TRD.

The financing comes a month after Barnett landed a $500 million construction loan for his Lower East Side development One Manhattan Square from Deutsche Bank, Natixis and others. He later described that process as “a struggle.” Banks have been increasingly shying away from condo construction lending in New York amid reports of a slowing apartment sales market.

The Kent, a 104-unit, 190, 000-square-foot development, has a projected sellout of $535 million. The New York state Attorney General’s office accepted the condo offering plan in April. Barnett began assembling the site in 2004, when he bought two walk-up buildings on East 94th and 95th streets, and completed it in 2013….

Read the full story, by Konrad Putzier

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