Blackstone sells $553.5M in debt on Extell’s One Manhattan to life fund-led group

Blackstone Group sold the $553.5 million in debt on Extell Development’s One Manhattan Square to Life Insurance Company, Prudential Credit Opportunities and two funds managed by M&G Investments.

The loan was secured by unsold units at the 815-unit One Manhattan Square at 252 South Street in Chinatown.

Blackstone in January 2020 sold the loan with a maximum value of $553.5 million to Forethought Life Insurance Company, Prudential Credit Opportunities and two M&G Investments funds. This filing represents an advance of $16.5 million and was secured by the 555 units that were unsold at the time the loan was given, in April. Extell has now recorded as sold 268 units, according to the PincusCo Media condo database. The $553.5 million was the secured debt portion of a $690 million refinance of the condo tower Blackstone originated in 2019.

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