Barnett's $3.8 Billion Loan Bid for UWS Supertall Project
Extell Development's next major project is moving forward with historic loan discussions. JPMorgan Chase is reportedly spearheading financing for Gary Barnett's supertall at the former ABC headquarters site on the Upper West Side, aiming for a $3.8 billion package.
This would be one of the largest such packages ever, and Extell has already secured significant funding in the past. The company paid Silverstein Properties and Seven Valleys approximately $930 million in 2022 for the former Walt Disney Company-owned ABC campus and landed at least $900 million in acquisition financing from Guggenheim Partners and Aquarian Holdings.
Barnett is no stranger to massive loan packages, having finalized a $1.25 billion construction financing package this month for 'The Torch,' a Times Square supertall project led by JPMorgan Chase. Community members have been pushing for more affordable housing in the new development, with Councilmember Gale Brewer stating that 'we definitely want a lot of affordable units and it has to be on-site.'