Scorecard: Lenders are tightening their purse strings

A roundup of news and data on the residential and commercial markets

TRD NEW YORK /
Mar.March 24, 2016 04:45 PM


From the March issue: The lending market has already shifted gears since the start of the year. Lenders are tightening their standards, and the issuance of commercial mortgage-backed securities is slowing down.

“We are telling borrowers to shy away from the CMBS market, because there is no certainty of closing [a loan] or holding on to their pricing,” said Garrett Thelander, executive managing director at Cushman & Wakefield.

In 2015, lending boomed, with $64 billion in loans above $50 million, an analysis by TRD of NYC Department of Finance records showed. The Plaza District was the most active neighborhood for commercial loans, with more than $5.6 billion in secured debt. The bulk of the debt issued last year was for cash- flowing assets. Indeed, the 11,200-unit residential complex Stuyvesant Town and Peter Cooper claimed the largest loan at $2.7 billion.

 
 
 

For new construction, the largest loans went to Brookfield Property Partners for 1 Manhattan West, which received $1.25 billion in debt from a consortium of lenders. Related, meanwhile, received a $930 million loan for the condo and rental building 15 Hudson Yards and a $918 million loan for the office building at 30 Hudson Yards. However, some insiders say the appetite for construction debt started cooling late last year. “There has been a tremendous pause in new originations,” said Eastern Consolidated’s Sam Zabala.

 
 
 

Related Articles

arrow_forward_ios
Judge Janet DiFiore and Judge Rowan Wilson (Credit: iStock, New York State Courts)

High court decision has tenants stewing, landlords oohing

Sharif El-Gamal (Photo by Desiree Navarro/WireImage)

WATCH: Developer Sharif El-Gamal has Covid-19. But he’s one of the lucky ones

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth

From left: Realogy's Ryan Schneider, Cushman & Wakefield's Brett White and Newmark Knight Frank's Barry Gosin (Credit: iStock)

Brokerage stocks plunge amid market turmoil

Mayor Bill de Blasio halted ULURP, stalling projects like 960 Franklin Avenue, Rikers Island and Industry City 

These projects could be held up by New York’s rezoning freeze

Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

LA mayor orders a moratorium on commercial evictions

arrow_forward_ios
Loading...