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JPMorgan reportedly in talks for $3.8B loan for Extell condo project
The planned Upper West Side development would total 1.2 million square feet and produce 430 units, with retail and parking included.
Bisnow reports that JPMorgan Chase is in discussions with Extell to secure $3.8 billion in financing for a luxury condominium project on the former Walt Disney Co. campus in Manhattan’s Upper West Side.
According to the report, Extell’s lead is Gary Barnett, and the financing talks were described by Bloomberg, citing anonymous sources. Representatives for Extell and JPMorgan declined to comment to Bloomberg and did not immediately respond to Bisnow inquiries.
If the construction loan is approved, Barnett plans a supertall at 80 W. 67th St. that filings with the New York City Department of Buildings earlier this year described as 1.2 million square feet and 86 stories, delivering 430 units along with 25,000 square feet of retail and parking.
The proposed tower is expected to be nearly 1,200 feet tall, drawing neighborhood backlash over its height and affordability, and Barnett has offered concessions, the article adds.