The Real Deal New York

These were the largest Manhattan real estate loans recorded in September

Related’s construction loan for 50 Hudson Yards topped the list
By Miriam Hall | October 17, 2017 07:00AM

Jeff Blau and 50 Hudson Yards (Credit: Foster + Partners)

The $1.6 billion in construction financing issued to Related Companies for 50 Hudson Yards was the biggest loan for September in Manhattan, according to data analysis from The Real Deal.

Many of the loans were for refinancing, but there were also a number of construction loans. Bank of the Ozarks, one of the most active lenders in the city right now, provided financing to the Chetrit Group for its planned hotel on West 34th Street, and to Aurora Capital Associates and William Gottlieb Real Estate for the the Solar Carve Tower.

Read the full list below:

1) Related Companies — 50 Hudson Yards ($1.6 billion)

Early last month, Related locked down a $1.6 billion senior construction loan for its office tower at 50 Hudson Yards. The lenders included Bank of China, Deutsche Bank, Wells Fargo, HSBC and Sumitomo Mitsui Banking Corporation, according to reports. The remaining financing came from Related and partners Oxford Properties Group and Mitsui Fudosan America. The financing is split into two loans of $633 million, and a third loan of $350 million.

2) Princeton International Properties — Plaza District building ($195 million)

Princeton and its partners refinanced their building at 111 East 59th Street with a $195 million loan from LoanCore Capital Credit REIT, an affiliate of Jefferies LoanCore. The funds included a $50 million mortgage, which will be added to a previous $103 million loan. A new $8.6 million loan was consolidated with a previous $16.8 million loan, and a third $7 million loan was consolidated with a previous $9.4 million loan.

 

3) Northwood Investors — 100 Broadway ($130 million)

Metropolitan Life Insurance Company provided Northwood Investors $150 million for it to refinance its office tower in the Financial District. The new mortgage reportedly replaces a $130 million loan from Canadian Imperial Bank of Commerce.

4) Milstein Properties — 30 Lincoln Plaza ($120 million)

Apple Bank provided a $120 million condominium inventory loan for Milstein Properties to refinance 215 apartments at 30 Lincoln Plaza. The bank assumed a $72 million Wells Fargo loan provided in 2013, and offered $48 million in new money.

5) Aurora Capital Associates and William Gottlieb Real Estate — 40 10th Avenue ($120 million)

Bank of the Ozarks issued $120 million in construction financing for the Solar Carve Tower on 10th Avenue. Designed by Studio Gang Architects, the building is slated to feature two floors of retail and 10 floors of office space.

6) Algin Management Company — 229 West 60th Street ($115 million)

Algin Management TRData LogoTINY refinanced its apartment building at 229 West 60th Street with a $115 million loan from JPMorgan Chase. The debt consolidates a $110 million package provided by JPMorgan in 2011. The 288,000-square-foot building has 301 residential units.

7) The Chetrit Group — Penn Plaza ($110 million)

Bank of the Ozarks gave the Chetrit Group a $110 million construction loan for the developer’s hotel project at 255 West 34th Street. Melody Capital Partners and Arbor Commercial Mortgage provided funding on the mezzanine portion of the capital stack, which totaled $170 million. Chetrit is planning a 33-story, 300-key hotel there, according to plans filed with the Department of Buildings last year.

8) Aurora Capital Associates and William Gottlieb Real Estate — 9 – 18 Ninth Avenue ($105 million)

Aurora and William Gottlieb Real Estate scored $105 million for their Restoration Hardware project on Ninth Avenue in the Meatpacking District. Starwood Mortgage Capital was the lender on the 60,000-square-foot retail building.

9) Rose Associates — 150 East 44th Street ($98 million)

The New York State Housing Finance Agency provided $97.8 million to Rose Associates for the refinancing of the Metropolis at 150 East 44th Street. The loan comes from bond sales issued by the public lending authority. Rose borrowed the same amount from the agency in 2002.

10) Meringoff Properties — 401 Park Avenue South ($85 million)

Meringoff Properties scored $85 million from Signature Bank to refinance its office building at 401 Park Avenue South. The funds include approximately $34 million in new debt and replaces the balance of a roughly $55 million loan Capital One provided on the property in 2012.

Largest outer borough loans recorded in September 2017
RankAddressLoan amountBorrowerLenderNeighborhood
150 Hudson Yards (office construction)$1.6 billionRelated Companies, Oxford Properties Group and Mitsui Fudosan AmericaBank of China, Deutsche Bank, Wells Fargo, HSBC and Sumitomo Mitsui Banking CorporationHudson Yards
2111 East 59th Street (office)$195 millionPrinceton International Properties, Dune Real Estate Partners and Empire Capital HoldingsLoanCore Capital Credit REIT, an affiliate of Jefferies LoanCorePlaza District
3255 West 34th Street (hotel construction)$170 millionChetrit GroupBank of the OzarksPenn Plaza
4100 Broadway (office)$150 millionNorthwood InvestorsMetropolitan Life Insurance CompanyLower Manhattan
530 Lincoln Plaza, at 30 West 63rd Street (resi condo)$120 million Milstein Properties Apple Bank Lincoln Square
6Solar Carve Tower at 40 Tenth Avenue (office, retail construction)$120 millionAurora Capital Assoicates and William Gottlieb Real Estate Bank of the OzarksMeatpacking District
7229 West 60th Street (residential)$115 millionAlgin ManagementJPMorgan ChaseLincoln Square
89-19 Ninth Avenue (office, retail construction)$105 millionAurora Capital Associates and William Gottlieb Real EstateStarwood Mortgage Capital Meatpacking District
9Metropolis at 150 East 44th Street (residential)$97.8 millionRose AssociatesNew York State Housing Finance Agency bonds purchased by Wells Fargo Municipal Capital StategiesTurtle Bay
10401 Park Avenue South (office)$85 millionMeringoff PropertiesSignature BankMidtown South
Source: The Real Deal analysis of NYC Dept. of Finance loans recorded in September 2017. Refinance deals with the same lender, mortgage spreader agreements or extensions were not included.

Correction: A prior version of this report stated that Bank of the Ozarks provided the Chetrit Group a $170 million loan for 255 West 34th Street. It provided a $110 million construction loan.