When big-time property owners need a loan the world is their oyster. And the largest loans recorded in Manhattan this November make abundant use of that world.
This month’s United Nations of debt included banks from Britain, Germany, France, Switzerland, South Korea, Abu Dhabi and Singapore, which together accounted for the majority of the $3.05 billion in November’s top 10 loans. See them all below:
1) Built in the International style – $702.5 million
Fosun International’s tinted-glass tower at 28 Liberty Street has seen a major overhaul since the Shanghai-based company acquired the building in 2014 without a traditional debt package. But last month, the company borrowed $702.5 million against the property with loans from Deutsche Bank and HSBC, part of a total refinancing reported to equal $800 million.
2) If you can’t sell ‘em, refinance ‘em – $445 million
Sales launched at Witkoff Group, Fisher Brothers and New Valley’s 111 Murray two-and-a-half years ago, but they’ve not been able to sell out the $1.05 billion luxury condo project just yet. That’s where the banks come in. The development partners recorded a $445 million portion of a $650 million condo inventory and construction loan refinancing package. The inventory loan will cover units still in contract that are expected to close next year. Blackstone Group is the lender.
3) Yes, another Hudson Yards office building – $403.5 million
Cove Property Group will join the quickly swelling office construction brigade at Hudson Yards after securing $403.5 million in financing from Apollo Global Management. Brokerage HFF represented Cove on the deal. Cove plans to expand the existing building to 18 stories and 700,000 square feet.
4) The man who would refinance – $270 million
RFR Realty’s Aby Rosen has refinanced a few times in the past year, but the largest of those deals is the $485 million refinancing of 285 Madison Avenue, $270 million of which has closed. French bank Natixis led the debt, which included funding from Korea-based KTB Asset Management.
5) A borrower with moxy – $262.2 million
Lightstone Group refinanced $262.2 million in funding for the conversion of 485 Seventh Avenue into the Marriott Moxy Hotel. Goldman Sachs provided the new loan. The hotel is expected to count 618 rooms.
6) If I were a Tishman – $257 million
Tishman Realty refinanced its Westin Hotel leasehold at 270 West 43rd Street with a $257 million loan from Credit Suisse and Natixis. That’s on top of of $57 million in debt that Credit Suisse previously provided to the owner for the land under the building on Oct. 31.
7) Broadway Baby – $195 million
Jeff Sutton and SL Green landed $195 million from the Singaporean lender United Overseas Bank to refinance retail at 1552 Broadway. The tenant at the building is Express, which has been trying to get out of its lease.
8) Tower 46 deal – $195 million
9) Gaw-lly! – $170 million
10) London, New York – $154 million