Extell Development gets $516M condo inventory loan from Blackstone at One Manhattan Square

Extell Development through its CPS Fee Company LLC as borrower signed a condominium inventory loan agreement with lender Blackstone through its Breds III Mortgage Corp. valued at $515.5 million for 635 parcels at 252 South Street in the Lower East Side. The deal closed on August 28, 2019 and was recorded on October 9, 2019. There are a total of 815 condo units in the complex.

The average loan per unit is $811,811.
The loan package has a total value of $692 million composed of a $553 million condo inventory loan and $138.2 million mezzanine loan, according to the Commercial Observer citing Tel Aviv Stock Exchange documents. City records show the recorded debt level at just $515.5 million.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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