Extell Development has landed $500 million in construction financing for Central Park Tower, its $1.4 billion condominium project on the Lower East Side. The size of the construction loan, provided by a consortium led by Deutsche Bank and Natixis, was reduced from $600 million. The interest rate for the instrument is Libor+3 percent for the facility and Libor+4.5 percent upon drawing down the funds. The company has also closed on a mezzanine loan from Scott Rechler’s RXR Realty in the amount of $300 million at 8 percent.
Central Park Tower, also known as the Nordstrom Tower and 225 West 57th Street, is a supertall mixed-use commercial and residential project. The building will reach 1,522 feet to its roof line and 1,550 feet to the tip. Once completed the building will become the second tallest building in the city, and in the country. The structure will also be the tallest by roof height in the United States, surpassing the Willis Tower.
