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These were the top Manhattan real estate loans in January

While refinancings dominated once again, a couple of construction loans were thrown into the mix

Real estate financing activity bounced back from a holiday lull in December, with $2.4 billion in deals across the 10 largest loans recorded in Manhattan in January. Refinancings still account for the bulk of total, but five of the loans last month involved in-progress construction projects. See the full list below:

1) For you, for life – $382 million

In the largest debt deal last month, Mount Sinai hospital landed $382 million in bond financing backed by facilities in Manhattan and Queens. The trustee of the bonds is Bank New York Mellon. Moody’s assigned the issuance an A3 rating.

2) West side sales slide – $300 million

Silverstein Properties and Elad Group borrowed $300 million against 109 unsold condos at their 1 West End luxury tower development. The tower holds 246 apartments and the developer said 191 of those have either closed or gone into contract since first launching sales in 2015. The loan suggests 82 total units had closed around the time the lender, Deutsche Bank, issued the new debt.

3) Danke, Deka – $285 million

RXR Realty has refinanced several of its Manhattan office towers over the last year, and 1330 Sixth Avenue is the most recent. German lender Deka Bank provided a $285 million loan which replaced existing debt from New York Community Bank.

4) Government intervention – $275 million

Dermot Company refinanced its 20 percent affordable rental tower at 21 West End Avenue with $275 million from the New York State Housing Finance Agency. The agency has stopped providing debt to 80/20 building that received the 421a tax exemption, but will still refinance loans it issued previously. The loan was previously unreported.

5) Taking over the building – $245 million

Rockpoint Group borrowed $245 million from Prudential Mortgage Capital Company to finance the fee interest in 1700 Broadway it bought from Ruben Companies for $465 million. Television network CBS leases 48,000 square feet at the property. Cushman & Wakefield previously brokered the sale to Rockpoint.

6) Loan for Sale – $235 Million

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Blackstone Group sold a $235 million loan for Gary Barnett’s Central Park Tower to JPMorgan Chase. The transaction was not previously reported. Blackstone was one of several lenders, including JPMorgan, that refinanced the development more than a year ago.

7) Construction loan sweep – $200 million

The developer of Essex Crossing in the Lower East Side got ahold of $200 million more in construction financing. The loan from Wells Fargo and M&T Bank will finance the development of 180 Broome Street, a 26-story rental building.

8) 77 Greenwich Street – $190 million

Massachusetts Mutual Life Insurance Company extended $190 million to Trinity Place Holdings to finance its 90-unit condominium tower at 77 Greenwich Street. The 40-story tower will also be home to a 476-seat elementary school.

9) These chain hotels don’t build themselves – $185 million

Chain hotel gentleman Sam Chang refinanced his still-in-progress hotel development at 338 West 36th Street. The debt is a $185 million package from Deutsche Bank that takes on an existing loan issued by Bank of the Ozarks. Chang is building a 28-story tower that will host two Marriott Hotels.

10) Such great Morningside Heights – $176 million

Savanna can count on $176 million in construction financing from Deutsche Bank for its Morningside Heights condo project at 525 West 122nd Street. City Councilman Mark Levine has expressed his discontent about the 32-story, 170-unit development plan, and previously petitioned Savanna to scale back the project.

Largest Manhattan loans recorded in January 2018
RankAddressLoan amountBorrowerLenderNeighborhood
11440 and 1470 Madison Avenue, and Queens properties$382 millionMt. Sinai HospitalBondholders with trustee Bank of New York MellonUpper East Side, Queens
21 West End Avenue$308.6 millionSilverstein Properties and Elad GroupDeutsche BankLincoln Square
31330 Sixth Avenue$285 millionRXR RealtyDekaBankMidtown West
421 West End Avenue$275 millionDermot CompanyNew York State Housing Finance AgencyUpper West Side
51700 Broadway$245 millionRockpoint GroupPrudential Mortgage Capital CompanyMidtown West
6Central Park Tower, 217 West 57th Street$235 millionExtell Development, SMIJPMorgan Chase and othersMidtown West
7180 Broome Street$200 millionTaconic Investment Partners, L+M Development Partners, BFC Partners, and Goldman Sachs Urban Investment Group.Wells Fargo and M&T BankLower East Side
877 Greenwich Street$189.5 million loanTrinity Place HoldingsMassachusetts Mutual Life Insurance CompanyLower Manhattan
9338 West 36th Street$185 millionMcSam Hotel GroupDeutsche BankGarment District
10525 West 122nd Street$176 millionSavannaDeutsche Bank Morningside Heights
Source: The Real Deal analysis of NYC Dept. of Finance loans recorded in January 2018. Refinance deals with the same lender, mortgage spreader agreements or extensions were not included.

 

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