Blackstone provides $692m in financing for Extell’s One Manhattan Square

Blackstone has originated a $692 million financing package for Extell Development, to help fund the One Manhattan Square condominium tower located in Manhattan’s Lower East Side.

The loan package is made up of a $553.5 million condo inventory loan for the property’s 688 unsold units, and a $138.2 million mezzanine loan. It matures in September 2022, with an option to extend an additional year if conditions are met.

It will replace a $750 million construction loan provided by a Deutsche Bank–led consortium in 2016, of which $557 million remains outstanding. According to several media sources, it will also free up $180 million in unit sales proceeds, which were held as a deposit as part of the loan agreement.

Those funds, along with $62 million from the financing package, will be used to pay off a $463 million loan provided by RXR Realty.

The 800-foot-tall luxury glass residential tower is located at 252 South St. on the edge of New York Harbor. It in