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Transactions - AUGUST 30, 2019

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

by Kali Persall

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 includes 815 residential units and features 100,000 square feet of indoor and outdoor amenities.

These include a sports club, spa, and various entertainment and recreational activities, such as theater and performance spaces, a culinary lounge, a basketball court, and a bowling alley.

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