1010 Park Avenue

Extell lands $90M loan for 1010 Park Avenue condo project Bank of the Ozarks is the lender



From left: Ozarks George Gleason, a rendering of 1010 Park Avenue and Gary Barnett

Bank of the Ozarks strikes again. The Arkansas-based lender agreed to 上海贵族宝贝交流区

finance yet another New York City condo project, lending $90 million on Extell Development’s 1010 Park Avenue on the Upper East Side.

Gary Barnett s firm plans to build a 16-story, 11-unit building on the site of The Former Park Avenue Christian Church rectory. Last month, the New York state Attorney General’s office okayed a $248 million offering plan, which translates to around $22.5 million per apartment.

The developer won Landmarks Preservation Commission approval for the project in 2015 and bought the site for $24.9 million a year later.

The Ozarks loan replaces a $22.3 million mortgage from Pacific Western Bank, the 上海千花网

Commercial Observer reported.

Bank of the Ozarks is one of the most active condo construction lenders in New York. In April, it financed L+M Development Part上海千花网论坛

ners’ 23 Park Row project with a $235 million loan. [CO] Konrad Putzier

Tags: bank of the ozarks, extell development, Real Estate Finance
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