Big real estate financing returns to NYC

Financing for New York City real estate projects is back. Of the top 35 deals done in the last 12 months, 24 were refinancing and nine were new loans taken out of acquisitions, according to Crain’s. The largest deal was an $800 million refinancing of 245 Park Avenue, between 46th and 47th streets, for which Brookfield Asset Management and ING Clarion tapped the Bank of China in September 2010. It was followed closely by Boston Properties’ $700 million loan from MetLife for the Citigroup Center at 153 East 53rd Street, between Third and Lexington avenues, in March 2011, and a $650 million refinancing of One Bryant Park between 42nd and 43rd streets in June last year by Bank of America.

Even the smallest of the 35 financings topped $100 million — the $110 million refinancing of 200 Water Street between John and Fulton streets, arranged by Freddie Mac for Rockrose Development.

Despite talk that investment banks were not actively lending, MetLife, which financed two top-ten deals, and Pacific Life Insurance, which financed one, were among the lenders.

“We’re seeing big loans again,” Dan Fasulo, Managing Director of Real Capital Analytics, told Crain’s. “It’s a very healthy sign that liquidity has returned to the marketplace.” [Crain’s]