Extell Development JV Lands $146M Refi for Manhattan Condo Tower
- Mar 03, 2021
Extell Development and CL Investment Group have refinanced the remaining units in The Kent, a 30-story, 104-unit, luxury condominium tower in Manhattan’s Upper East Side, with a $146 million inventory loan originated by GTIS Partners LP. The loan will be made in partnership with Blackstone Real Estate Debt Strategies.
Walker & Dunlop’s New York City capital markets team arranged the financing on behalf of the borrowers and structured the two-year, interest-only financing with a floating rate and two six-month extension options. The loan was collateralized by 49 luxury units within the asset. The team was led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Mo Beler, as well as Ari Hirt and Sean Bastian.
Located at 200 95th St. at the corner of 95th Street and Third Avenue, the building was completed in 2018 and offers proximity to Midtown Manhattan and Central Park as well as top-tier public and private schools. The Kent, a mixed-use building which has about 210,000 square feet of space in the residential portion, features an Art Deco-inspired design by award-winning architectural firm Beyer Blinder Belle and interior designs by Alexandra Champalimaud.
The property has a mix of 83 market-rate units, including three penthouse residences, and 21 affordable units. Units range from studios to five-bedroom floorplans. The building has oversized windows, spacious floorplans and luxurious finishes. The amenity package spans three floors and includes concierge service, a 24-hour doorman, state-of-the-art fitness center, indoor pool, infrared sauna, sound lounge designed by Lenny Kravitz, a drawing room with a fireplace adjacent to the two-story lobby, stroller valet and children’s play areas including an expansive outdoor playground.
Five units are listed for sale on the property website ranging from a 1,959-square-foot unit for $4.1 million to a 3,326-square-foot penthouse for $12.9 million.
In April 2020, Extell agreed to sell the 22,533-square-foot retail condominium at the base of The Kent for $28.7 million in a deal arranged by Avison Young. The buyer was not identified. The retail portion consisted of a 12,796-square-foot retail space and 9,767-square-foot lower level. The New York City School Construction Authority has a long-term lease at the property for 11,492 square feet on the ground floor, where it operates a preschool.
Rob Vahradian and Amit Rind, both senior directors at GTIS, said in prepared statements they expect The Kent to benefit from an improving condo market in New York. Vahradian pointed to Extell’s long track record of delivering luxury condo projects in Manhattan and highlighted The Kent’s best-in-class design and amenities, family-focused floorplans and strong Upper East Side location.
Extell is one of New York City’s most active real estate developers and is also known nationally for residential, commercial, retail, hospitality and mixed-use projects with a portfolio that currently exceeds 25 million square feet. Among its Class A residential condominium projects in New York City are One57 and Central Park Tower, which became the tallest residential building in the world at 1,550 feet when it topped out in the fall of 2019. It is located on West 57th Street along the corridor known as “Billionaires’ Row” where One57, the first supertall condominium in that area, was also constructed.
The 179-unit Central Park Tower also became the tallest building to reach completion in 2020, according to the recently released Council on Tall Buildings and Urban Habitat report. Extell also has the tallest building in Brooklyn, the 720-foot tall Brooklyn Point project. The 68-story skyscraper at 138 Willoughby St. in downtown Brooklyn has 458 units ranging from studios to three-bedroom floorplans.