Extell Development Closes $530 Million Financing Package for Downtown Brooklyn Residential Tower

Extell Development Closes $530 Million Financing Package for Downtown Brooklyn Residential Tower

BROOKLYN, NY - Nationally acclaimed real estate development firm Extell Development Company announced that the company has closed on $530 million in financing for Brooklyn Point, the firm's first development in Brooklyn and currently the tallest residential tower under construction in the borough. Located in Downtown Brooklyn, the 720-foot-tall architectural skyscraper will be the first and only for-sale development at City Point, Brooklyn's largest food, shopping and entertainment destination.

The financing package was comprised of a $425 million senior construction loan syndication led by M&T Bank and a $105 million mezzanine loan from RXR Realty.

"This transaction marks a significant milestone for our first development in Brooklyn. It is a testament to our excellent reputation with the lending and institutional investor communities as well as the level of confidence in Downtown Brooklyn," said Gary Barnett, President and Founder of Extell Development Company. "Our firm is known for developing prime luxury real estate throughout the city with striking architecture, sophisticated interior design and extraordinary amenities. We are proud to bring this same level of quality and craftsmanship to Brooklyn." 

Sales for the luxury tower launched at the end of March with an offering of studio to three bedroom apartments. Construction has progressed rapidly, recently reaching the 26th floor. The building will top out at 68 stories with construction slated for completion in 2020.

"We were overwhelmed with interest in the building as soon as we opened the doors to our sales gallery," said Ari Alowan Goldstein, Senior Vice President at Extell Development Company. "Our strong sales velocity is an indicator of pent-up demand for high-quality ownership opportunities in this extremely desirable neighborhood.  Moreover, Brooklyn Point's design, amenities, views, price point and tax-abatement make it truly unique."  

Designed by world-renowned architectural firm Kohn Pedersen Fox (KPF), with interiors by AD100 Designer Katherine Newman, the building will offer an array of lifestyle amenities and services spanning over 40,000 square feet. At its crown, the highest residential rooftop infinity pool in the Western Hemisphere will be situated 68 stories above the streets below, offering breathtaking views of the Manhattan skyline. 

The building's amenities package will feature a health and wellness facility encompassing a saltwater swimming pool, a 35-foot rock climbing wall and yoga studio, sauna, and steam rooms. Social and entertainment amenities include the triple-height Park Lounge, featuring a bar, fireplace and co-working space, as well as a chef's demonstration kitchen, wine library, game lounge, screening and performance room, study and children's playroom. On the ninth floor, a landscaped terrace designed by Mathews Nielsen Landscape Architects provides an oasis to residents, complete with putting green, fire pit, terrace bar and the Forest Adventure children's playground.

Brooklyn Point will be located atop City Point, a 600,000 square-foot hub of prime dining, clothing and entertainment attractions. City Point is home to a Trader Joe's market, Target, Century 21, Alamo Drafthouse movie theater, and DeKalb Market Hall, an epicurean food hall with over 40 vendors, including Katz' Deli, Ample Hills Creamery, Pierogi Boys and more. Only one stop from Manhattan, residents will also have a variety of convenient transportation options including 11 subway lines within minutes of the building.

Source: Extell Development Company / #Condos #NYC

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