The Real Deal New York

These were the largest Manhattan real estate loans in October

Deutsche Bank was a lender on three deals
By Will Parker | November 16, 2017 01:00PM

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Lloyd Blankfein, John Cryan and One Worldwide Plaza

The top Manhattan real estate loans recorded in October include refinancing, retail and residential deals, collectively hitting more than $2.8 billion of debt volume, according to analysis of loan filings by The Real Deal. Goldman Sachs and Deutsche Bank’s Move On One Worldwide Plaza was by far the largest, but loans behind rental towers, construction projects and a new acquisition all crossed the nine-figure mark. Here’s the full list:

1) Plaza de Plata – $710 million

In one of the year’s largest refinancings, $710 million of a total $1.2 billion debt package for One Worldwide Plaza closed last month, in a deal backed by Goldman Sachs and Deutsche Bank. The building is owned New York REIT, who sold a 49 percent stake to RXR Realty and SL Green Realty earlier this fall. The debt for the Midtown tower will eventually be consolidated into a CMBS offering.

2) The Two Towers – $400 million

Chetrit Group and Stellar Management refinanced the Yorkshire Towers and the Lexington Towers apartment buildings with $550 million from Natixis and UBS, $400 million of which was recorded with the city last month. Both buildings are located in the Upper East Side sub-neighborhood of Yorkville. The debt replaces a $425 million loan from Deutsche Bank in 2014.

3) Construction ain’t cheap – $348 million

Gary Barnett’s Extell Development refinanced the construction loan for the One Manhattan Square project, with $348 million recorded from the deal in October. The financing included $50 million in new debt, pushing the upper limit of total construction loans to $750 million. The lender is Deutsche Bank.

4) Lofty pursuit – $315 million

After offering concessions on rentals at 180 Water Street earlier this year, Nathan Berman’s Metro Loft Management bought out its partner Vanbarton Group and has since refinanced the conversion property with debt from SL Green, Deutsche Bank and USAA. Metro Loft is at work on a new conversion at 20 Broad Street, which will hold 521 units.

5) Geopolitical intrigue meets routine real estate – $225 million

In June, the federal government ordered the seizure of the Iranian government’s 60 percent stake in 650 Fifth Avenue. But business must go on, so investors Jeff Sutton and SL Green refinanced their hold on the retail space with $225 million from Aareal Bank. Aareal Bank also financed Sutton and SL Green’s 724 Fifth Avenue in January with $235 million in financing.

6) Who says you can’t get a construction loan? – $215 million

They say find something you love and do it for the rest of your life. For Bank of the Ozarks, that’s condos. Three developers, Strategic Capital, Forum Absolute and Cape Advisors, got construction financing from the Little Rock-based bank for the development of 537 Greenwich Street. The developers have said they are planning apartments that will measure smaller than the average for Manhattan.

7) Fenter taps HFA for refi – $201.8 million

The state’s Housing Financing Agency won’t do any new loans for 80/20 buildings, but you can still refinance the old ones. Fetner Properties did just that at the 458-unit 125 West 31st Street. The package included $25 million of new debt. Durst Organization developed the property with Fetner in 2005, naming it the Epic.

8) Acquiring minds want to know – $146.2 million

New York REIT has been letting go of its Manhattan buildings right and left, and the Columbia Property Trust picked up 245-249 West 17th Street last month, a Chelsea office building. The company borrowed $146.2 million from the affiliated Columbia Property Trust Operating Partnership for the acquisition.

9) A related refi – $130 million

Related Companies refinanced the luxury rental building a 281 Hudson Street with $130 million from Wells Fargo. Market rate rentals launched at the building in April, and 41 affordable units were offered through the city housing lottery.

10) Hit that A note – $125 million

Family firm Jack Resnick & Sons refinanced the Symphony House mixed-use building at 235 West 56th Street. Prudential Asset Resources was the lender. The building hold 480 apartments and several ground floor retail spaces.