We advised Extell on the transaction

Davis Polk advised an affiliate of Extell Development Company in obtaining a $150 million loan from an affiliate of TYKO Capital. The loan proceeds will be used to pay for the acquisition of a vacant 25-story office building located at 655 Madison Avenue, New York City. 

Extell Development Company, founded in 1989, is a New York-based developer of commercial, residential, retail, hospitality and mixed-use properties. Its portfolio exceeds 25 million square feet and includes properties such the Park Hyatt New York, Central Park Tower, the Hard Rock Hotel in Times Square, One Manhattan Square and Grand Hyatt Deer Valley.

The Davis Polk real estate team included partner Michael J. Rishty and associates Shua (Joshua) Mermelstein and Holly Paige Constants. Associate Ted Lee provided tax advice. All members of the Davis Polk team are based in the New York office.

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