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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.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development
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