Extell borrows $57M from Apollo for condo inventory loan in the Upper East Side

Gary Barnett’s Extell Development through the entity PA Acquisitions (NY) LLC as borrower signed a loan agreement with lender Apollo Commercial Real Estate Finance through the entity Acrefi CS U, LLC valued at $57.2 million for 10 parcels, including the tax class residential condos recorded as a bulk sale in Acris (BS) at 1010 Park Avenue in the Upper East Side. The deal closed on December 23, 2019 and was recorded on January 22, 2020.

Bank OZK provided a $90 million acquisition and construction loan to Extell in 2017.  The last time the property sold was June 28, 2016, for $24,961,050. Apollo and its affiliates (such as Athene) have been active recently, participating in loans totaling more than $1 billion over the past six months.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link