The Real Deal New York

These were the largest Manhattan real estate loans in December

Volume dropped off in a month dominated by refinancings
By Will Parker |
Research by Adam Pincus
January 31, 2018 07:00AM

1440 Broadway

From left: 1440 Broadway, Blackstone’s Jonathan Gray, One State Street Plaza and Natixis CEO Laurent Mignon

New real estate debt in Manhattan spread out slower in than in previous months in December. What with the holidays, perhaps the city’s property owners decided to hold back until returning from a seasonal tarriance in South Florida. And so, the month’s top 10 loans only totaled $1.8 billion, compared to more than $3 billion in November. See the biggest ones that closed below:

Tie- 1) Stately sum – $360 million

Wolfson Group refinanced One State Street Plaza in the Financial District with a $360 million loan from Natixis. Meridian Capital Group brokers arranged the deal. The debt replaced a $295 million CMBS loan originated by UBS.

Tie- 1) Close the year by closing the deal – $360 million

CIM Group landed a loan from Blackstone Group to complete its $520 million acquisition of New York REIT’s 1440 Broadway. The loan was $360 million, accounting for 60 percent of the total sales price. CBRE and Eastdil Secured teams brokered the deal.

3) A discrete 775 feet – $218 million

Gary Barnett startled residents of the Upper West Side in November when he revealed that Extell Development’s planned skyscraper at 50 West 66th Street would not rise 25 stories as previously announced, but instead would reach heights to closer to 70 stories. Soon after, Extell and partner Megalith Capital locked down $218 million in debt for the project from Natixis, which had previously provided the $96 million acquisition loan for the 66th street development site parcels. The new loan was previously unreported.

4) Rockefeller refinancing – $208 million

Scott Rechler’s RXR Realty refinanced the 75 Rockefeller Center office tower with a $300 million loan from TIAA, replacing previous debt from JP Morgan Chase. RXR controls the building through a ground-lease—the land is owned by Mohamed Al Faye.

5) 45 Wall Street deal – $144 million

TF Cornerstone refinanced its downtown 435-unit rental conversion 45 Wall Street with a $144 million loan from Wells Fargo. The landlord converted the office building in the mid-1990s with the help of the 421-G tax abatement.

6) That loan purrs like a Ferrari – $140 million

Eyal Ofer’s Global Holding refinanced the 410 Park Avenue office building with $140 million from HSBC. It replaced a $125 million loan that was also issued by HSBC in 2013. 410 Park is home to a Ferrari store, which is not a place where you can buy an actual car, but where you can buy a $900 branded jacket.

Tie – 7) Eastern hospitality – $130 million

Investment Corporation of Dubai, the sovereign wealth fund that owns the Mandarin Oriental Hotel at the Time Warner Center, refinanced its holdings there with $130 million from Bank of China. The fund owns 73 percent of the hotel, regulatory filings show.

Tie – 7) Shovel ready on Morningside Drive – $130 million

Michael Shah’s Delshah Capital secured a $130 million construction loan for its 205-unit residential conversion of a medical building at 30 Morningside Drive. Square Mile Capital was the lender. The deal was arranged by Eastern Consolidated.

Tie – 7) Royal refinancing – $130 Million

Carlyle Construction refinanced the debt on its rental building known as Regency Tower at 245 East 63rd Street. The $130 million loan, which was previously unreported, came from Prudential Family Mortgage. Active listings at 532-unit building range from $3,050 to $6,250 per month, according to StreetEasy.

10) Rising from the asphalt – $125 million

Related Companies refinanced the loan behind its development site at 131 10th Avenue, where it’s planning a 63-unit condominium project that will replace two parking lots. The Children’s Investment Fund provided $125 million to the developer, replacing previous debt from Deutsche Bank. The new loan was previously unreported.