NEW YORK, March 2, 2021 / PRNewswire / – GTIS Partners LP (“GTIS”) announced today that it has a $ 146 million Existing loan to Extell Development (“Extell”) to refinance the remaining units in The Kent, a fully completed 104 unit, 210k 30-story residential tower block with retail on the ground floor in Manhattan Upper east side. The loan is made in partnership with Blackstone Real Estate Debt Strategies. The property is located in the coveted Upper East Side of Manhattan on the corner of 95NS Street and Third Avenue. In addition to first-class public and private schools, the Upper East Side is close to Midtown Manhattan and Central Park. The property has an extensive range of amenities including a 55-foot heated indoor pool, fitness center, several lounge areas, play areas for children, an outdoor lounge with fireplaces, and bike storage. The Art Deco-inspired design by the award-winning architects Beyer Blinder Belle and the renowned interior designer Alexandra Champalimaud is equipped with oversized windows, high ceilings, graceful floor plans and the finest surfaces.
Extell, the sponsor, is a world class developer with extensive experience and a reputation for providing Class A condominiums in Manhattan and beyond. While the Extell portfolio’s focus is on New York City, the company also has experience in Utah, Texas, and Colorado. Since its inception in 1989, Extell’s current portfolio has grown to over 25 million square feet in the residential, commercial and hospitality sectors.
Rob Vahradian, Senior Managing Director at GTIS, said: “Extell has a long track record of delivering luxury condominium projects to the United States Manhattan Market, and The Kent is no exception. Given the world class design and amenities, family oriented room layout, and strong Upper East Side location, we expect The Kent to continue from the discerning new York Buyers as the market continues to rebound. “
New Yorks The condominium market slowed significantly during the first COVID-19 outbreak. However, by the end of 2020 the market had recovered. Fourth Quarter 2020 Revenue Up 39% Compared to Third Quarter 2020 Revenue Douglas Elliman. This strong performance has extended through 2021, with Doulas Elliman reporting January 2021 Condominium and cooperative contracts signed over 100% year-on-year (versus pre-COVID performance).
Amit Rind, Senior Director at GTIS, added: “We see promising signs in the business Manhattan The condominium market, which was piling up demand, record low interest rates, and the improving macroeconomic outlook, all combined are spurring buyer activity. We expect The Kent to benefit from this tailwind as the fundamentals picture improves. “
Via GTIS partners
GTIS Partners is a leading real estate investment and development company based in new York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Paris and Munich. The company was founded in 2005 by Tom Shapiro and is administered by the President Tom Shapiro and Senior Managing Directors Amy Boyle, João Teixeira, Josh Pristaw, Rob Vahradian and Thomas Feldstein. The company manages over $ 4 billion in gross wealth and operates in a variety of real estate sectors including single and multi-family homes, office, industrial / logistics and hospitality, as well as renewable energy infrastructure and investment in opportunity zones. The company invests in various points of the capital structure, including credit, equity, and structured equity. In the US, GTIS has invested in over 130 assets in 40 unique markets, including growth areas such as Phoenix, Dallas, Houston, Denver, Atlanta, Tampa and Charlotte. In Brazil, GTIS is one of the largest private equity firms in the real assets sector with investments such as office, residential, logistics, hospitality and renewable energy investments. The marquee facilities in São Paulo include the Infinity office building and the Palácio Tangará, a five-star resort-style hotel.
About the development of excellence
Recognized as one of New York City As the most active real estate developer, Extell Development Company is a nationally recognized real estate developer of residential, commercial, retail, hospitality and mixed-use properties. Since its inception in 1989, Extell has seen tremendous growth with a portfolio currently exceeding 25 million square feet. Extell has built a solid reputation for its dedication to developing high quality properties that feature sophisticated design, graceful floor plans and world-class amenities. Notable projects include One57, The International Gem Tower, Central Park Tower, and One Manhattan Square. Extell is developing in several regions outside of New York City, with investments in Utah, Texas, Massachusetts, Florida, New Jersey, Illinois and Colorado, but the vast majority of their portfolio is focused on New York City.
Steve Bruce / Mary Beth Grover
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QUELLE GTIS partner