Finance Lending
July 1, 2008
By: Barbra Murray, Contributing Editor
The Carlyle Group, Extell Development Co. and RREEF Alternative Investments have pulled off quite a financing coup, securing a $613 million construction loan for an upscale two-building residential project in Manhattan.
The financing deal represents the biggest construction loan attained in the United States thus far this year. Real estate services firm Holliday Fenoglio Fowler L.P. acted on the borrowers' behalf in orchestrating the funding, which was provided by a nine-bank consortium headed up by Deutsche Bank.
Carlyle, Extell and RREEF will use the loan to finance the building of a 38-story condominium and apartment tower on West 62nd Street and a 23-story apartment structure on West 63rd Street at the Riverside South enclave on the Upper West Side. Totaling an aggregate 880,000 square feet, the buildings will occupy a portion of the Riverside South site, a 77-acre stretch of land that Carlyle and Extell snapped up from Donald Trump and a group of investors for a whopping $1.8 billion three years ago. The partners have already erected two residential buildings on the site. For its part, Carlyle is investing in the Riverside South endeavor via the four-year-old, $950 million Carlyle Realty Partners IV fund.
With construction already underway, doors of the two newest residential towers are on schedule to reach completion in the first half of 2010.
Headquartered in Washington, D.C., The Carlyle Group is a top global private equity firm with $82.7 billion of assets under management committed to 60 funds as of the close of the first quarter. Since its inception just over two decades ago, the company has invested $46.3 billion of equity in 802 transactions representing an aggregate purchase price of $216 billion.
New York City-based Extell is a national real estate developer that is responsible for the restoration of many landmark Manhattan properties, including The Stanhope.
Also based in New York City, RREEF is the global alternative investment management arm of Deutsche Bank's Asset Management division. REEF has a total of $88.1 billion in assets under management as of the close of the first quarter.
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By: Barbra Murray, Contributing Editor
The Carlyle Group, Extell Development Co. and RREEF Alternative Investments have pulled off quite a financing coup, securing a $613 million construction loan for an upscale two-building residential project in Manhattan.
The financing deal represents the biggest construction loan attained in the United States thus far this year. Real estate services firm Holliday Fenoglio Fowler L.P. acted on the borrowers' behalf in orchestrating the funding, which was provided by a nine-bank consortium headed up by Deutsche Bank.
Carlyle, Extell and RREEF will use the loan to finance the building of a 38-story condominium and apartment tower on West 62nd Street and a 23-story apartment structure on West 63rd Street at the Riverside South enclave on the Upper West Side. Totaling an aggregate 880,000 square feet, the buildings will occupy a portion of the Riverside South site, a 77-acre stretch of land that Carlyle and Extell snapped up from Donald Trump and a group of investors for a whopping $1.8 billion three years ago. The partners have already erected two residential buildings on the site. For its part, Carlyle is investing in the Riverside South endeavor via the four-year-old, $950 million Carlyle Realty Partners IV fund.
With construction already underway, doors of the two newest residential towers are on schedule to reach completion in the first half of 2010.
Headquartered in Washington, D.C., The Carlyle Group is a top global private equity firm with $82.7 billion of assets under management committed to 60 funds as of the close of the first quarter. Since its inception just over two decades ago, the company has invested $46.3 billion of equity in 802 transactions representing an aggregate purchase price of $216 billion.
New York City-based Extell is a national real estate developer that is responsible for the restoration of many landmark Manhattan properties, including The Stanhope.
Also based in New York City, RREEF is the global alternative investment management arm of Deutsche Bank's Asset Management division. REEF has a total of $88.1 billion in assets under management as of the close of the first quarter.
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