Gary Barnett’s Extell Development closed on a $410 million refinancing of the Ring portfolio, according to property records filed with the city this morning. Extell borrowed a further $95 million on the properties from Deutsche Bank, following a $315 million loan it received from the bank in January.
Representatives for Extell couldn’t be reached for comment. The development firm formally acknowledged its acquisition of the 13-building portfolio in October, after several months of wheeling and dealing to gain control of the properties. In June, Barnett snagged a controlling interest in Michael Ring’s 50 percent stake through a deal with Princeton Holdings’ Joseph Tabak, who held a contract to pay $112.5 million for the stake.
And in January, Extell closed on the $308.2 million acquisition of Frank Ring’s 50 percent stake in the properties. Then in March, the firm sold the long-term ground leases on four of the buildings to the Kaufman Organization, in a deal valued at roughly $150 million, as TRD reported. A landlord active in the area told TRD at the time that the four buildings, which need extensive renovation, would likely command rents in the mid-$50s per square foot.