US-based real estate developer Extell Development Company has closed the financing package for the development of Central Park Tower in New York City.
The 1,550ft Central Park Tower residential building is being developed by Extell and SMI USA, a subsidiary of Shanghai Municipal Investment.
According to the developer, the financing package included a $900m senior construction loan syndication led by JPMorgan and a $235m preferred equity loan.
Extell Development Company president and founder Gary Barnett said: “Extell has an exceptionally strong reputation with the lending and institutional investor communities and this sophisticated transaction affirms the confidence in Manhattan’s luxury condominium market.
“New York City has never known a supertall tower of this calibre and we are pleased to have our institutional partners on board to deliver a product that will be truly exceptional.”
Designed by Adrian Smith and Gordon Gill Architecture, the tower is located at the intersection of Columbus Circle and the Plaza District in Manhattan, New York.
The tower will include 179 residential units and a 300,000ft2 seven-storey Nordstrom flagship store.
Sales and marketing for Central Park Tower will be handled by Extell Development Marketing Group with a sales launch expected this year.
Construction of the tower is scheduled for completion in 2019.
Extell Development Company is undertaking the development of residential, commercial and mixed-use properties, operating primarily in Manhattan, as well as other cities across the US.