Extell Development signs $620M refi with JVP Management for condo tower project in Lincoln Square
Extell Development through the entity West 66th Sponsor LLC as borrower signed a refi loan with lender JVP Management through the entities JVP REIT RCRE II LLC and 66th Street CRE III LLC valued at $620 million for the 127-unit residential condominium project (D6) at 50 West 66th Street in Lincoln Square, Manhattan.
The deal closed on June 6, 2024 and was recorded on July 2, 2024. The prior lender was Bank OZK which held debt that had an original loan amount of $550 million.
The property has 569,468 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,088 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Extell Development was Marc Kwestel. The signatory for JVP Management was Anthony Shaskus.
This is a refinance of a construction loan with $550 million assigned by Bank OZK to JVP Management, and an additional $70 million in construction debt. In 2022, the Commercial Observer reported Bank OZK agreed to provide up to $800 million in senior debt and JVP Management provided a $167 million mezzanine loan for a total of $967 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $34,900 in ECB penalties and $37,300 in OATH penalties in the last year.
Development
On the lot, there is one active new building construction project for a 127-unit, 505,482 square-foot R-2 building. The project was submitted by Extell Development and filed by David Rothstein with plans filed November 17, 2015 and permitted October 3, 2018.
The block
On this tax block, PincusCo has identified the owners of five of the eight commercial properties representing 1,100,583 square feet of the 1,219,481 square feet. The identified owner is Extell Development.
On the tax block, there was one new building construction project filed totaling 505,482 square feet. It is a 127-unit, 505,482 square-foot residential (R-2) building submitted by Extell Development and filed by David Rothstein with plans filed November 17, 2015 and permitted November 18, 2016.
The majority, or 91 percent of the 1.2 million square feet of built space are elevator buildings, with retail buildings next occupying 5 percent of the space.
The borrower
The PincusCo database currently indicates that Extell Development owned at least 65 commercial properties with 773 residential units in New York City with 2,802,134 square feet and a city-determined market value of $743.2 million. (Market value is typically about 50% of actual value.) The portfolio has $6 billion in debt, with top three lenders as Guggenheim Partners, Blackstone Group, and Prudential Credit Opportunities respectively. Within the portfolio, the bulk, or 38 percent of the 2,802,134 square feet of built space are specialty properties, with elevator properties next occupying 28 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 4 percent of the space.
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