We advised Extell on the refinancing

Davis Polk advised an affiliate of Extell Development Company in obtaining a $217 million mortgage loan from a group of lenders led by Bank of America. The loan proceeds will be used to refinance a portion of Extell’s existing loans with respect to 242 rental units in One Manhattan Square, a recently constructed 80-story upscale residential tower in the Two Bridges neighborhood of Manhattan. The tower emphasizes cutting edge interior design in its residences and common spaces, and includes over 100,000 square feet of amenities, such as the city’s largest private garden, a large indoor saltwater pool, bowling alleys, squash and basketball courts, and alfresco dining and grilling areas.

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, Intercontinental Hotel and Residences, ONE57 and the new Hard Rock Hotel in Times Square.

The Davis Polk real estate team included partner Michael J. Rishty and associates Gregory D. Crane, Erica C. Berman and Omar Ashmawy. Partner Kara L. Mungovan and associate Tyler Scheiner provided tax advice. All members of the Davis Polk team are based in the New York office.

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