JVP Management refinanced $620 million in construction loans and issued $70 million in new debt when it took over as senior lender at Extell Development's Upper West Side condo project. JVP, the mezzanine lender at 50 West 66th Street, snapped up the project's senior debt from Bank OZK. Although the 40-story tower only recently topped out, more than half its 124 units are in contract, according to Extell, and much of the debt has already been paid off, records show.
Goldman Sachs and Wells Fargo provided Douglaston Development and Ares Management with $500 million in CMBS to refinance 3eleven, a 60-story tower in Hudson Yards. The loan has a two-year floating rate and includes three one-year extensions, BisNow reported. The developers will use the financing, as well as $60 million in mezzanine debt, to repay a $415 million construction loan, fund reserves and pay other expenses at 311 11th Avenue.
South Korea-based IGIS Asset Management provided $340 million to refinance Extell Development's supertall at 570 Fifth Avenue. The property comprises 13 parcels for an upcoming 78-story, glass-encased skyscraper of more than 1 million square feet. Plans include green space and several setbacks as well as residences, Class A office space, and ground-floor retail. JP Morgan Chase was the prior lender, providing $340 million in February 2020.
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