JPMorgan still hasn't signed off on the $3.8 billion construction loan for Extell's Upper West Side supertall. That's the headline from two fresh reports this week — Simply Wall Street on September 25 and credaily.com on September 28 — both describing the bank as still "weighing" the deal, not closing it.
We flagged this loan's slow walk earlier; what's new is confirmation from a second, independent financial outlet that the deliberation is ongoing into late September, more than a week after the first reports surfaced. For a loan this size, a week of continued "weighing" isn't unusual — underwriting on a nine-figure-plus construction loan takes time, and banks don't move fast on supertall risk in a market where rates and construction costs are both still a live conversation. But it also means Extell's site stays in limbo for anyone hoping to bid trade packages once the loan closes and vertical construction gets a green light.
If you're a sub or GC with Extell relationships, the signal here isn't that the deal is dead — nothing in either report suggests that. It's that the financing timeline is longer than a typical construction loan close, and anyone building a Q1 schedule around this job should build in slack. Watch for the actual closing announcement; that's the real trigger for mobilization, not the initial loan reports.