JPMorgan Chase & Co. is in talks to lead a $3.8-billion financing for Extell Development’s plan to build condominiums on Manhattan’s Upper West Side at a site that formerly housed the headquarters of the ABC television network. Bloomberg News reported that the financing would be among the largest construction loans ever in the U.S.
Extell paid $930 million to acquire the site in 2022 and filed plans last April to build an 86-story tower designed by Robert A.M. Stern Architects. The prolific developer, whose past projects include Central Park Tower and One57, finalized $1.25 billion in financing earlier this month for an 1,800-key hotel in a Times Square project known as the Torch, reported Bloomberg.
If it comes together, the financing for the 80 W. 67th St. project would follow the $3.3-billion construction loan that Vornado Realty Trust recently secured for 350 Park Ave., an office tower it’s developing with Rudin and Citadel’s Ken Griffin.
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