Extell Closes on Record Financing Deal for Central Park Tower

Central Park Tower will rise 1,550 feet high and will feature 179 luxury residences and a Nordstrom department store at its base. Credit: Extell Development Co.

NEW YORK CITY—Extell Development Co. reports it has closed on the largest construction financing in the firm’s history totaling $1.135 billion for its “supertall” Central Park Tower development here.

The financing package consists of a $900-million senior construction loan syndication led by J.P. Morgan and a $235-million preferred equity loan from an unnamed hedge fund. Central Park Tower, when completed, will be the tallest residential building in the Western Hemisphere at 1,550 feet high and will be located at 225 W. 57^th St. Central Park. The mixed-use project will join other mega luxury properties along “Billionaires’ Row” in Midtown.