We advised Extell on the transaction

Davis Polk advised an affiliate of Extell Development Company in obtaining an $830 million mortgage loan and a $300 mezzanine loan originated by TYKO Capital and syndicated to a group of lenders, including JPMorgan Chase Bank, National Association as holder of the mortgage loan. The loan proceeds will be used to pay for the construction and development of a mixed-use project located at 655 Madison Avenue, New York City, which is expected to consist of luxury for-sale residential condominium units, office space and retail space.

Extell Development Company, founded in 1989, is a New York-based developer of commercial, residential, retail, hospitality and mixed-use properties. Its portfolio that currently exceeds 25 million square feet and includes properties such as the Park Hyatt New York, the One57, the Hard Rock Hotel in Times Square and One Manhattan Square.

The Davis Polk real estate team included partner Michael J. Rishty, counsel Jaclyn Katz and associates Shua (Joshua) Mermelstein and Holly Paige Constants. Partner Ethan R. Goldman provided tax advice. All members of the Davis Polk team are based in the New York office.

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