The year may be drawing to a close, but the deals just keep on closing \u2014 including New York City\u2019s biggest construction loan of the year, no less.\u00a0<\/p>\n
Gary Barnett\u2019s Extell Development<\/a> just sealed a mammoth construction loan for its new supertall skyscraper at 655 Madison Avenue, Commercial Observer has learned.\u00a0<\/p>\n SEE ALSO: Columbia Bank Lends $26M for SoCal Housing Development<\/a><\/p>\n Tyko Capital is the lender behind the $1.13 billion financing that closed Dec. 15, sources said. The deal was direct, with no brokers involved.\u00a0<\/p>\n Rising 74 stories and designed by Beyer Blinder Belle, 655 Madison Avenue will span 764,698 square feet and feature condo units in the upper floors, a retail podium at its base, and office floors in between.\u00a0<\/p>\n Luxury fashion house Chanel will house its new retail flagship at the building\u2019s base and also have offices in the building, sources said. The company struck a deal <\/a>to acquire roughly 65,000 square feet of space in total for around $450 million earlier this year, following in the footsteps of other brands who snapped up New York City real estate<\/a> in the past few years instead of renting it.\u00a0<\/p>\n An increasingly prolific lender<\/a> in both Florida and New York City, Adi Chugh\u2019s Tyko Capital is no stranger to 655 Madison Avenue, having also provided $150 million in acquisition financing<\/a> for Extell\u2019s 2024 purchase of the site \u2014 at the time, a vacant 25-story office building.\u00a0<\/p>\n Now, the recent whole loan is icing on the cake and rounding out the year as the very biggest of its kind. Not a bad way to end 2025.\u00a0<\/p>\n Tyko declined to comment. Extell didn\u2019t immediately return a request for comment.<\/p>\n