Extell Development borrows $85M from Citigroup for multifamily property in East Village

Extell Development through the entity East Village 14 Owner LLC as borrower signed a loan agreement with lender Citigroup through the entity Citi Real Estate Funding Inc. valued at $85 million for 6 parcels, including the tax class commercial condo recorded in Acris (CC) and containing 160 residential units at 500 East 14th Street and 524 East 14th Street in East Village. The deal closed on December 12, 2019 and was recorded on January 10, 2020.

The average loan per unit is $531,250.
The prior construction debt on the building originated by Wells Fargo totaled $140 million. This refinance from Citigroup is part of a $700 million package including mezzanine debt from Rexmark that also refinances 555 10th Avenue, the Commercial Observer reported.

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