Banks Extend Construction Loans

NEW YORK CITY-With the slow improvement in the residential realty market, banks are beginning to extend construction loans for developers.

By GlobeSt News Portal | August 01, 2010 at 01:01 AM

NEW YORK CITY-With the slow improvement in the residential realty market, banks are beginning to extend construction loans for developers. Last week, Bayerische Landesbank extended the 75 Wall St. developers' construction loan of $263 million for up to two years.

The developer of Manhattan House, O'Connor Capital Partners, obtained an extension for two years on a $750 million construction loan and the 505 W. 47th St. developer got an extension for a loan of $44 million. For the full story, go to Crain's New York Business.

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