RXR Realty has closed on a previously announced agreement with Extell Development Company to provide $300 million of mezzanine financing for the construction of three, Class-A residential and mixed use properties in Manhattan, with the option to finance up to $463 million.
The properties include 1,777 residential units and more than 200,000 s/fof retail. Development costs for all three projects are approximately $2 billion.
The properties include 555 Tenth Avenue in the Hudson Yards district and includes 598 rentals and 100,000 s/f of commercial/community facility space;
500 East 14th Street in the East Village includes 160 rentals and 57,000 s/f of retail space and;
One Manhattan Square, at 252 South Street, an 80-story tower with 815 condos and more than 100,000 s/f of amenity space.
The site will also contain a 13-story building, with 204 affordable units.
“We are extremely pleased to have closed this transaction with RXR Realty,” said Gary Barnett, President of Extell Development Company.
“This financing, along with other sources of debt and equity, allows us to complete these projects and reaffirms our confidence in the New York City real estate market.”
“RXR is very pleased to be able to participate with Extell in these three exciting developments,” said Scott Rechler, CEO and Chairman of RXR Realty.
“The progress that Gary and his team have been able to make over the last few months has only added to our confidence that these projects are destined to be hugely successful.”
Fried Frank Harris Shriver & Jacobson LLP advised RXR Realty on its loan.
The team included partners Joshua Mermelstein and Avi David Feinberg, along with associates Nathaniel Lifschitz, Jonathan Jacobs and Ben Cohen.