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RXR shaves Extell’s One Manhattan Square loan by $163M

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RXR shaves Extell’s One Manhattan Square loan by $163M . I noted this in a past post and this is proof it’s beginning. Bridge loans are crucial for the developers across the country esp NYC, and with multiple billions in loans coming due in 2017 we could be in for a massive credit crunch within the commercial loan sector

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RXR agreed to lend $465M to Extell Development for One Manhattan Square in 2016. However, RXR downzined the loan by $163M later that year, The Real Deal reported.

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http://politico.pro/2bpURfq WAIT AND SEE- "RXR shaves Extell’s One Manhattan Square loan by $163M," by The Real Deal’s Mark Maurer: “For the fourth time, Extell Development, one of the city’s foremost.

Extell Development’s One Manhattan Square. rate on RXR’s loan also jumped from 7 percent to 8 percent. “It was a struggle,” Barnett admitted in a September interview. “We thought we’d be able to.

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