Extell Development Company and its development partner partner SMI USA (SMI), the US subsidiary of Shanghai Municipal Investment, has landed a $1.135 billion financing package for Central Park Tower on 57th Street. The funding is made up of a $900 million senior construction loan syndication led by J.P. Morgan and a $235 million preferred equity loan from a hedge fund. At 1,550 feet, the mixed-use project designed by Adrian Smith + Gordon Gill Architecture will be the tallest residential building in the world. It will include 179 residents and a 300,000 square foot Nordstrom department store. Sales of the units are expected to launch in 2018 with completion slated for 2019.
“Extell has an exceptionally strong reputation with the lending and institutional investor communities and this sophisticated transaction affirms the confidence in Manhattan’s luxury condominium market,” said Gary Barnett, President and Founder of Extell Development Company. “New York City has never known a supertall tower of this caliber and we are pleased to have our institutional partners on board to deliver a product that will be truly exceptional.”
