Extell Development borrows $400M from Citigroup for property in Clinton

Extell Development through the entity 555 Tenth Avenue LLC as borrower signed a loan agreement with lender Citigroup through the entity Citi Real Estate Funding Inc. valued at $400.0 million for 5 parcels, including the tax class residential condo (multiple) recorded as sold in Acris (MC) and containing 598 residential units at 555 10th Avenue in Clinton. The deal closed on December 12, 2019 and was recorded on January 15, 2020.

555 10th Avenue got its initial TCO in November 2016.

This loan is part of a larger $700 million debt package that Citigroup and Rexmark provided on 555 10th Avenue and 510 East 14th Street. Citigroup provided $485 million in recorded CMBS debt, while Rexmark gave $215 million, the Commercial Observer reported.

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