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One57 Development Receives $700M Loan

NEW YORK CITY-The mixed-use Extell Development Co. building received the $700 million loan from a syndicate led by Bank of America.

By Carl Gaines | Updated on October 31, 2011

NEW YORK CITY-Extell Development Co. has closed on a $700 million construction loan from a Bank of America syndicate for its One57, a 90-story mixed use development that will rise over 1,000 feet at 157 W. 57^th St., across from Carnegie Hall.

“This loan reflects the confidence that the Bank of America syndicate has in this exceptional development,” Gary Barnett, founder and president of Extell, said in a prepared statement. The syndicate, led by BofA as administrative agent, will finance a portion of the $1.4 billion project. Other members of the syndicate include the New York branch of Banco Santander, Abu Dhabi International Bank and Capital One.

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