JPMorgan in talks to provide $375M loan for Tishman Speyer’s 11 Hoyt project

Financing would go toward construction of 475-unit DoBro condo

TRD New York /
Nov.November 22, 2017 12:50 PM

Jamie Dimon, Rob Speyer and earlier rendering of 11 Hoyt Street

A group led by JPMorgan Chase is negotiating to provide a roughly $375 million construction loan for Tishman Speyer’s Downtown Brooklyn condominium project next to the Macy’s department store, sources told The Real Deal.

JPMorgan would lead the financing for 11 Hoyt Street and likely syndicate part of the debt to other lenders, sources said. Tishman Speyer began searching in April for a floating-rate loan with a five-year term and an option to extend. Sources said the bank is very close to signing a term sheet.

The total project cost has been pegged at $685 million, putting the loan-to-value ratio at around 55 percent. Plans call for 475 condos, 150 parking spaces, 41,000 square feet of retail and 55,000 square feet of indoor and outdoor amenities. The developer filed an offering plan with the New York state Attorney General’s office last month and, according to Commercial Mortgage Alert, is projecting a sellout of $1,760 per square foot for the apartments.

The firm paid a combined $170 million in 2015 for the Macy’s parking garage, air rights and the upper levels of the store.

A JLL team led by Aaron Appel and Max Herzog is brokering the financing. Representatives for Tishman Speyer, JPMorgan and JLL declined to comment.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Churchill Real Estate Holdings’ Justin Ehrlich (iStock)

Churchill Real Estate lines up $2B investment for residential lending

Churchill Real Estate lines up $2B investment for residential lending
Here are the multifamily borrowers getting the most forbearance from Fannie & Freddie

Here are the multifamily borrowers getting the most forbearance from Fannie & Freddie

Here are the multifamily borrowers getting the most forbearance from Fannie & Freddie
From left: Donald Trump (pictured in the 1980s), Steve Ross, Charles Kushner, Harry Macklowe with (inset) Hiten Samtani and Charles Bagli (Getty, Sasha Maslov)

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz
Joe Moinian and 123 Linden Blvd. (Moinian Group)

These were the top outer borough loans in July

These were the top outer borough loans in July
Clockwise from top: Savanna's Christopher Schlank with 1375 Broadway, a rendering of 40 10th Avenue and 109 East 79th Street with Victor Sigoura (Google Maps; Getty; rendering via 40tenthave)

These were the largest Manhattan real estate loans in July

These were the largest Manhattan real estate loans in July
From left: Trinity Investments CEO Sean Hehir and Benchmark Real Estate Group principals Aaron Feldman and Jordan Vogel (iStock, LinkedIn, Trinity Investments)

“Blank-check” companies make a comeback in real estate

“Blank-check” companies make a comeback in real estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...