We advised Extell on the transaction

Davis Polk advised affiliates of Extell Development Company in obtaining a $1.1 billion mortgage loan originated by a syndicate of lenders and a $150 million mezzanine secured notes offering from a syndicate of purchasers. The mortgage loan, note proceeds and development loan will be used to pay for the construction and development of a 60-story mixed-use project located at 740 Eighth Avenue in New York City, which is expected to consist of an approximately 1,800-key hotel, which will include 12,000 square feet of retail space, 86,000 square feet of food and beverage venues, and a 250-foot drop amusement ride.

Extell is a New York-based developer of commercial, residential, retail, hospitality and mixed-use properties. Its portfolio currently exceeds 25 million square feet and includes properties such as the Park Hyatt New York, One57, Central Park Tower, the Hard Rock Hotel in Times Square, One Manhattan Square, Kimpton Era Midtown New York and Deer Valley East Village.

The Davis Polk real estate team included partner Michael J. Rishty, counsel Jaclyn Katz, and associates Benjamin Montgomery, Shua (Joshua) Mermelstein, Holly Paige Constants and Federico Pollevick. Partner Shane Tintle provided capital markets advice. Counsel Sarah E. Kim and associates Rebecca Sattaur and Hamza Suhail provided investment management advice. All members of the Davis Polk team are based in the New York office.

Copy link to share post