Extell Development is set to secure a credit facility worth $700 million, The Wall Street Journal reports. The real estate development company will use the proceeds from the loan to support the construction of a condominium and hotel tower on West 57th Street in New York.

Bank of America and Banco Santander are heading a consortium that is syndicating the loan. An Abu Dhabi government fund, which is a partner of the developer in the $1.4 billion project, is also supporting the loan by agreeing to buy any unsold condo units at a certain price.

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