Real Estate Weekly
Image default
Debt & Equity

Extell lands $530M Brooklyn Point finance deal

Extell Development Company has closed on $530 million in financing for Brooklyn Point, the firm’s first development in Brooklyn and currently the tallest residential tower under construction in the borough.

The 720-foot-tall skyscraper will be the first and only for-sale development at City Point, Brooklyn’s largest food, shopping and entertainment destination.

The financing package was comprised of a $425 million senior construction loan syndication led by M&T Bank and a $105 million mezzanine loan from RXR Realty.

“This transaction marks a significant milestone for our first development in Brooklyn. 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,” said Gary Barnett, President and Founder of Extell Development Company. “Our firm is known for developing prime luxury real estate throughout the city with striking architecture, sophisticated interior design and extraordinary amenities. We are proud to bring this same level of quality and craftsmanship to Brooklyn.”

Sales for the luxury tower launched at the end of March with an offering of studio to three bedroom apartments. Construction has progressed rapidly, recently reaching the 26th floor. The building will top out at 68 stories with construction slated for completion in 2020.

“We were overwhelmed with interest in the building as soon as we opened the doors to our sales gallery.” said Ari Alowan Goldstein, Senior Vice President at Extell Development Company.

“Our strong sales velocity is an indicator of pent-up demand for high-quality ownership opportunities in this extremely desirable neighborhood. Moreover, Brooklyn Point’s design, amenities, views, price point and tax-abatement make it truly unique.” Designed by Kohn Pedersen Fox (KPF), with interiors by AD100 Designer Katherine Newman, the building will offer an array of amenities and services spanning over 40,000 s/f.

At its crown, the highest residential rooftop infinity pool in the Western Hemisphere will be situated 68 stories above the streets below.

Brooklyn Point will be located atop City Point, a 600,000 s/f hub of dining, clothing and entertainment attractions. City Point is home to a Trader Joe’s market, Target, Century 21, Alamo

Drafthouse movie theater, and DeKalb Market Hall, an epicurean food hall with over 40 vendors, including Katz’ Deli, Ample Hills Creamery, Pierogi Boys and more.

Extell Marketing Group is the exclusive sales and marketing firm for Brooklyn Point. Prices start at $850,000 .

Related posts

Avison Young’s Andy and Scott Singer honored by Israel Bonds with Lifetime Achievement Award and Israel Peace Award, respectively

James Nelson

PA-based investor secures $27M loan for first Manhattan apartment buy


JLL arranges $140M construction financing for latest mixed-use Gowanus development