Extell Development Co. closed a $700 million construction loan from Bank of America-led syndicate consisting of funds from Bank of America, Banco Santander S.A., Abu Dhabi International Bank, Capital One and the Bank of Nova Scotia for its massive mixed-use development at 157 West 57th Street, One57 Tower. According to a CoStar report, Bank of America will serve as administrative agent for the loan financing a portion of the project.
"It's a significant commitment from a major lender," said a spokesperson. "It shows the confidence [Bank of America] has in this development."
One57 is a new 90-story condo tower project that began selling units earlier this month; Extell is asking up to $4,000 per square foot for one-bedrooms; up to $4,150 per square foot for two bedrooms; up to $6,580 per square foot for three bedrooms; and up to $8,413 per square foot for four bedrooms, according to a copy of the Schedule A provided to The Real Deal.
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