Pursuits
Extell Says Condo-Project Financing Taking Longer Than Expected
- Israeli bonds tumble after analyst questions loan prospects
- NYC venture with RXR now hinges on financing deal by June 30
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New York luxury-condo builder Extell Development Co. says it’s taking longer than expected to obtain construction financing for its One Manhattan Square project as lenders pull back from the market.
Extell had anticipated getting a construction loan for the downtown project by the beginning of June, as a condition of closing a separate financing deal with RXR Realty LLC, Gary Barnett, president of Extell, said in an interview Friday. Completion of the $463.2 million transaction with RXR, which would form a joint venture for One Manhattan Square and two rental buildings, has now been extended to June 30, Barnett said.