Extell’s $400M debt on 555 10th Avenue formally assigned to single-asset CMBS

Extell Development’s $400 million in dent originally lent by Citigroup’s Citi Real Estate Funding Inc. assigned the loan to Citigroup Commercial Trust 2020-555 managed by Wilmington Trust as trustee. This is for 5 parcels, including the tax class residential condo (multiple) recorded in Acris (MC) at 555 10th Avenue in Clinton. The assignment closed on March 10, 2020 and was recorded in city records on May 22, 2020.

Gary Barnett’s Extell Development received $485 million in secured debt from Citigroup in December 2019, with $400 of that secured by 555 10th Avenue, a 598-unit residential rental buildings, and $85 million secured by 510 East 14th Street. At the time, the Commercial Observer reported the $485 million would be assigned to a CMBS. The $400 million loan was assigned to Citigroup Commercial Trust 2020-555, a single-asset CMBS. The $85 million was assigned to Citigroup Mortgage Trust 2020-GC46.

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

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