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Harbor Group Provides Senior Mezz Loan for Extell Medical Project on Upper East Side
Harbor Group International (HGI) provided a $90-million senior mezzanine loan to Extell Development Company to finance the construction of 1520 First Ave., a 30-story, 420,000-rentable-square-foot office building on Manhattan’s Upper East Side.
HGI, alongside InterVest Capital Partners, Rexmark and Pacific Western Bank, contributed to the loan financing, which totaled $425 million. Construction of the mixed-use medical office and retail space is expected to be completed in 2025.
Upon completion, the building will feature over 390,000 rentable square feet of medical space, of which 196,000 rentable square feet is pre-leased to the Hospital for Special Surgery.
“Across the country – especially cities with a high concentration of residents – there’s an increasing need for world-class medical space,” said Richard Litton, president, HGI. “To support this demand, we are pleased to finance the development of a specialized office space designed to accommodate the unique needs of medical tenants and their patients.”
- ◦Development
- ◦Financing
