The Blackstone Group has funded a $692 million loan secured by unsold units at Extell Developmentʼs 815-unit One Manhattan Square.
The company confirmed to Real Estate Weekly on Tuesday that it provided the developer with a $553.5 million senior inventory loan and a $138.2 million mezzanine loan.
The loan was first reported by the Commercial Observer after it was disclosed on the Tel Aviv Stock Exchange
The funds allow Extell to pay off the balance of its construction loan and free up proceeds from condo sales so they can be used to pay down a separate loan from RXR Realty, according to the filings.
They also give Extell additional time to find buyers for the remaining units in what is Manhattan’s biggest newly built tower by number of condos.
The new loans both carry an interest rate of LIBOR plus four percent, and a term of 36 months, according to the disclosure on TASE.
