Sources tell The Mortgage Observer that Deutsche Bank is readying a $400 million construction loan for the International Gem Tower. Deutsche Bank will lead the syndication on the loan for the Extell Development project.
The upcoming loan will break down into a $300 million senior loan and $100 million in subordinate debt. It’s for a two-year period, with the option for a one-year extension.
The 34-story tower, at 50 West 47th Street, is set to be a commercial condo catering to the area’s precious gem business. It’s being designed by architecture firm Skidmore, Owings and Merrill and is slated for completion in the third quarter of 2012. Extell Development didn’t respond to a request for comment, but according to the company’s Web site, 65 percent of the condos are now sold.