$613M Loan Funds Residential Developments

NEW YORK CITY-The Carlyle Group, Extell Development Co. and RREEF have secured a $613 million construction loan for the development of two luxury residential buildings at Riverside South on Manhattan’s Upper West Side. Located on West 62nd and West 63rd streets between Riverside Boulevard and Freedom Place South, the two buildings, totaling 880,000 gross sf, are already under construction and targeted for completion in the first half of 2010.

Deutsche Bank led the consortium of nine banks that provided the financing, which was arranged by Holiday Fenoglio Fowler LP. A company spokesperson could not further provide details on the nine banks or provide further information.

The 38-story building will have for sale and rental product, while the 23-story building will be entirely rental product. Riverside South is a 13-acre tract of land purchased by Carlyle and Extell for $1.8 billion in 2005, as GlobeSt.com previously reported.