Extell finalizes $1.3B loan for Times Square supertall
Extell Development has finally locked in its $1.25 billion construction financing for a long-awaited Times Square supertall. Gary Barnett’s firm finalized a $1.1 billion construction loan from banks led by JPMorgan. It also secured a $150 million mezzanine loan from U.S. financial institutions this week, according to a filing on the Tel Aviv Stock Exchange. Extell has completed 40 out of 60 stories of the hotel and retail tower at 740 Eighth Avenue, known as “The Torch,” which also has a 250-foot amusement ride. The firm revealed in March 2025 that it signed a memorandum of intent with an unnamed […]
This article originally appeared on The Real Deal. Click here to read the full story.
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