Natixis Finances Extell Upper West Side Buy for Condo Development
Damian Ghigliotty Dec. 18, 2014, 4:27 p.m.
Natixis Real Estate Capital gave a $96 million loan to Gary Barnett’s Extell Development for the purchase of three parcels of land on West 66th Street—one of which is occupied by a synagogue—a person with knowledge of the deal told Mortgage Observer. The borrower has formed a joint venture for a large condominium development there.
The balance-sheet loan carries a term of 18 months with a six-month extension option and will not be securitized, the person in the know said on the condition of anonymity. The financing closed yesterday.
Mr. Barnett’s company bought the synagogue property at 44 West 66th Street from the local religious group Congregation Habonim for $45 million, public records show.
Extell combined the site with three adjacent buildings at 36-40 West 66th Street in a partnership with Megalith Capital Management to develop the upcoming condo tower.
New York-based Megalith purchased the three adjacent buildings, which occupy two parcels, for $85 million in March, as The Real Deal first reported. A portion of the loan from Natixis, which was provided solely to Extell, will retire previous financing for that acquisition, the person familiar with the deal said.
The parcel at 44 West 66th Street contains 75,000 square feet of total buildable space, according to data from PropertyShark. The lots at 36-40 West 66th Street hold combined development rights of 74,880 square feet.
Extell and Megalith have not yet disclosed the size and scope of the condo project.
Mr. Barnett and representatives for Megalith and Natixis were not immediately available for comment.