JPMorgan in Talks to Lead $3.8 Billion Loan for Extell's Upper West Side Condo Tower

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Summary · why it matters

JPMorgan Chase & Co. is in talks to lead roughly $3.8 billion in construction financing for Extell Development's plan to build luxury condominiums on Manhattan's Upper West Side, at a site that once served as the headquarters of the ABC television network. Extell, led by Gary Barnett, is seeking the loan for a 1,200-foot-tall tower on West 66th Street designed by Robert A.M. Stern Architects, in what would be one of the largest ever construction loans in the US, according to people familiar with the talks. Representatives for Extell and JPMorgan declined to comment. The talks extend Barnett's bet on the top end of New York's real estate market; earlier this month Extell finalized $1.25 billion in financing to build an 1,800-room hotel in a Times Square project known as the Torch. Extell acquired the ABC site in 2022, financing the $930 million purchase with a loan from Guggenheim Partners, and began demolition last year. The project has drawn pushback from the local community board, which is demanding that the developer commit to building affordable housing as part of the project, and earlier this year New York Mayor Zohran Mamdani proposed a new tax on out-of-town condo owners.

Impact on assets 3

Digital Finance & Tokenization▲ · 1 stocks
JPMorgan Chase & Co
JPM
▲ PositiveCapitalrelevance

JPMorgan is in talks to lead a roughly $3.8 billion construction loan for Extell's Upper West Side condo tower.

Communication Services▲ · 1 stocks
Others▲ · 1 stocks

Off-coverage companies 3

Extell DevelopmentPrivate▲ Positive
Capitalrelevance

Extell is seeking the $3.8 billion construction loan for its planned 1,200-foot luxury condo tower on West 66th Street.

Guggenheim PartnersPrivate± Mixed
relevance

Robert A.M. Stern ArchitectsPrivate± Mixed
relevance

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