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Extell Lands $530M Loans for Brooklyn’s Tallest Condo Tower
Extell Development Company has closed on $530 million in financing for Brooklyn Point, its first project in the borough and currently the tallest residential tower under construction there. The financing package on the condominium project was comprised of a $425-million senior construction loan syndication led by M&T Bank, and a $105-million mezzanine loan from RXR Realty.
“This transaction marks a significant milestone for our first development in Brooklyn,” said Extell president Gary Barnett. “It is a testament to our excellent reputation with the lending and institutional investor communities, as well as the level of confidence in Downtown Brooklyn.”
Sales for the luxury tower launched at the end of March. The building will top out at 68 stories, with completion slated for 2020.
Brooklyn Point will be located atop City Point, a 600,000 square-foot mixed-use project that already counts Trader Joe’s, Alamo Drafthouse and a 40-vendor food hall among its tenants.
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- ◦Financing
- ◦Development

