Bank of the Ozarks has provided a $54.9 million loan backing Extell Development Company’s purchase of a condominium development site at 350 East 86th Street on the Upper East Side of Manhattan, city property records show.
The loan-to-value works out to 59 percent based on the $93 million acquisition price.
Headed by New York City developer Gary Barnett, Extell agreed to buy the former home of a Gristedes grocery store back in August of last year.
That developer also purchased of a group of neighboring low-rise apartment buildings, which at the time Crain’s reported would potentially allow for a 210-foot, 200-plus-unit condo building at the site.
Extell, one of the city’s most active residential developers, is the firm behind One57, a 90-story residential building that towers 1000 feet above the south side of Central Park.
Bank of the Ozarks meanwhile has been aggressive in New York City with a slew of financings that began last year.
In May of 2015 the bank provided a $115 million loan on a Hudson Yards condo project to Centaur Properties and Greyscale Development Group. And, among others, in March of this year the bank took the senior portion of an $84 million financing of a condo project in the Tribeca neighborhood.
In May the bank provided a $61 million loan on a 88,447 sq ft hotel development project in the Financial District in Manhattan.
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