Hakimian Org. closes on $263 million loan extension

According to The Hakimian Organization along with partners Peykar Brothers Realty and Gorjian Properties, they have closed on a $263 million construction loan extension for their luxury condominium and hotel project at 75 Wall St. The loan term is two years with an additional one year extension. "2010 has been a great year for 75 Wall St. Following the opening of the high-profile Andaz hotel, sales visits, offers and closings have increased dramatically," said Rex Hakimian, executive director, acquisitions and finance, The Hakimian Organization. "Buyers have seen that 75 Wall presents a unique opportunity to live above a luxury hotel with world-class amenities and hotel services. Furthermore, our partners and lenders stand firmly behind this development and its continued success," he said. All of the elements at 75 Wall are coalescing. Andaz opened to rave reviews in January. Financing for condominium sales was approved by two additional lenders in June, and KiptonART has leased the retail space for a gallery show. 346 luxury condominiums comprise the upper 24 floors of 75 Wall, atop 253 hotel rooms and suites managed by Hyatt under its new Andaz brand. The award-winning architectural design firm Rockwell Group has beautifully reconfigured the interiors, which are bright, open and airy. World-class amenities abound at 75 Wall Street, where residents have access to integrated hotel services including room service, catering, housekeeping, valet laundry and valet parking as well as a full-time personal concierge. Residents are a mere elevator ride away from one of the city's most stylish new market-to-table restaurants-Wall & Water, and can unwind with friends at Bar Seven Five. A wide variety of residents-only lifestyle amenities begin at Club 75 on the 18th floor, providing a wealth of relaxation options including a cardio fitness center, massage treatment room, media room with video/TV projection, and a dedicated game room, all with inspiring views. The 42nd floor Rooftop Terrace and Lounge features a solarium, lounge, and hot tub, all with breathtaking 360° views.