We advised Extell on the financing

Davis Polk advised an affiliate of Extell Development Company in obtaining a $220 million construction loan from Banco Inbursa, S.A. The loan proceeds will be used to pay off Extell’s existing financing and to finance the construction of a new 31-story, 534-key upscale hotel at 32 West 48th Street in the Diamond District. IHG has separately granted Extell a license to operate the hotel as a Kimpton Hotels and Resorts franchise.

Extell Development Company, founded in 1989, is a New York based developer of commercial, residential, retail, hospitality and mixed-use properties with a portfolio that currently exceeds 25 million square feet and includes properties like the Park Hyatt New York, the One57, the Hard Rock Hotel in Times Square and One Manhattan Square.

The Davis Polk real estate team included partner Michael J. Rishty and associates Gregory D. Crane and Omar Ashmawy. Partner Ethan R. Goldman provided tax advice. All members of the Davis Polk team are based in the New York office.

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