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Extell Development

Extell sells $107M in shares at its $4B Central Park Tower condo project Sale of 17% of Class B shares will bring $94M in cashflow: TASE documents

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Gary Barnett and Central Park Tower at 217 West 57th Street

Gary Barnett’s Extell Development 爱上海龙凤419桑拿

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sold $107 million worth of preferred shares in the $4 billion Central Park Tower development, according to documents filed with the Tel Aviv Stock Exchange on Monday. The deal will provide $94 million of cashflow for the development of the 95-story condominium tower.

According to the terms of the deal, Extell will sell six Series B shares in the joint venture formed by Extell and Shanghai Municipal Investment in May 2016, or $107 million, to a group of investors. The shares comprise 17 percent of the Class B shares, which do上海千花网交友

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not include voting rights.

Barnett closed on a $1.14 billion construction financing package in December 2017 for what will be New York’s most expensive condo project ever. The New York State Attorney General s office approved the offering plan with a $4 billion sellout for 179 units. And while sales haven’t officially launched, Barnett has begun the process of marketing the units. And he s not being bashful Barnett is the first developer to attempt to sell 20 units priced at $60 million or more at one project.

During an investor meeting on Monday, Extell also announced a $75 million dividend. In response, Israeli rating agency Midroog on Tuesday reduced the rating of Extell s bonds to A3 with a negative outlook (it should be noted that it s still low-risk). It s the second time the bonds ratings have been reduced: In August, the bonds were downgraded from A2 to A3 with a stable outlook. In all, Barnett has raised 1.65 billion Shekel, which translates to roughly $480 million, in two rounds of bonds. Payment is due between December 2018 and December 2021.

Extell did not respond to request for comment.

The condo project s capital stack includes EB-5 money, a $300 million investment from SMI USA, and more than $400 million from Nordstrom for the seven-story flagship at the base of the tower. Per the terms of financing, Extell must sell $500 million worth of apartments in three years, by December 2020, and must pay down $300 million of the JPMorga上海千花网龙凤论坛

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n Chase principal from the proceeds of apartment sales by the following year, according to the TASE documents.

Tags: Central Park Tower, extell development, gary barnett, israeli bond market
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