Extell Development Company announced Tuesday that the company closed on its largest construction loan to date for Central Park Tower on December 29, 2017.
Central Park Tower, a 1,550 ft. tall architectural landmark located on Billionaires’ Row, will be the tallest residential building in the world.
The financing package was comprised of a $900 million senior construction loan syndication led by J.P. Morgan and a $235 million preferred equity loan from a hedge fund.
“Extell has an exceptionally strong reputation with the lending and institutional investor communities and this sophisticated transaction affirms the confidence in Manhattan’s luxury condominium market,” said Gary Barnett, president and founder of Extell Development Company.
“New York City has never known a supertall tower of this caliber and we are pleased to have our institutional partners on board to deliver a product that will be truly exceptional”
Central Park Tower was designed by Adrian Smith + Gordon Gill Architecture, known for such supertalls around the world as Burj Khalifa in Dubai and the Kingdom Tower in Saudi Arabia. The building will include 179 ultra-luxury residences with “stratospheric views and access to New York’s most elevated private club of full-service amenities.”
Extell is co-developing Central Park Tower with SMI USA (SMI), the US subsidiary of Shanghai Municipal Investment, an infrastructural investment company responsible for the esteemed Shanghai Tower.
Central Park Tower will also be home to an approximately 300,000 s/f Nordstrom department store. This new seven-story retail space will be the Seattle-based fashion retailer’s flagship location in New York City, the first in its over 100-year history.
Extell pioneered the development of ultra-luxury skyscraper development on what is now considered the most prestigious residential corridor in Manhattan with One57, the first supertall tower on Billionaires’ Row.
The record-breaking glass tower overlooking Central Park, which redefined the New York City skyline, includes 132 condominiums above the Park Hyatt’s new five-star flagship hotel. One57 is home to the most expensive residence ever sold in New York City history at $100.5 million.
Extell Development Marketing Group will exclusively handle the sales and marketing for Central Park Tower with sales expected to launch in 2018 and completion slated for 2019.