UPDATED: Thurs., May 31, 3:02 p.m.: The market for debt was stale in March with not a single Manhattan real estate loan crossing the $200 million mark. The largest loan, as it often is, was an office tower refinancing. Elsewhere, developers picked up loans for hotel and condominium projects. Together, the 10 largest loans recorded in March add up to $1.07 billion, the lowest for any month in the last year. See the full list below:
1) Hey, look! It’s…. another midtown office tower refinancing. – $185 million
Ruben Companies refinanced its office building at 600 Madison Avenue with a $185 million loan from Prudential Insurance Company of America. The loan included a new $10 million mortgage. Tenants at 600 Madison include law firm Weil Gotshal & Manges and developer HFZ Capital. Ruben recently remodeled the building’s lobby.
2) A bundle of billionaires – $175 million
Zeckendorf Development refinanced the elaborate CEO storage unit that is 520 Park Avenue (see buyers: Barclay’s Bob Diamond, Dyson’s James Dyson) with a $175 million loan from HSBC. The 54-story skyscraper has only 33 apartments. The Children’s Investment Fund was the original construction lender.
3) Mutual, I’m sure – $155 million
In addition to lending, life insurances companies own a sizable share of real estate in Manhattan, including the 418-unit rental building at 555 West 42nd Street in Hell’s Kitchen, which Mass Mutual refinanced last month. ING Capital provided a $155 million loan to refinance the property. The previous lender was Northern Mutual Life
4) Bridge players – $129 million
Chetrit Group locked down a bridge loan in March for their Carter Hotel development near Times Square at 250 West 43rd Street. The debt should tide them over until a construction loan is negotiated. Sources told TRD that the lender, JPMorgan Chase, may be upgrading the loan to $200 million. (The full bridge financing totaled $152 million.)
5) Uptown funk – $92 million
Isaac Kassirer bought a big chunk of West 107th Street and financed the acquisition with an $80 million loan from LoanCore. The loan was previously unreported. Kassirer bought the 219-unit, Upper West Side rental portfolio from the Orbach Group.
6) On Broadway – $80 million
7) Down goes an SRO, and up goes a condo – $72 million
Certes Partners is replacing a single-room occupancy rental hotel with a luxury condo and Goldman Sachs is helping them do it. The investment bank provided a $72 million construction loan for the build at 212 West 95th Street in the Upper West Side.
8) Helaba deal – $65.5 million
The German bank Helaba refinanced Global Holdings Management’s office building at 1841 Broadway with a $65.5 million loan. The loan was previously unreported. Tenants at the building include landlord Castellan Real Estate Partners.
9) Funding the Fitzroy – $60 million
Developers JDS Development and Largo received $91 in construction financing for the Fitzroy in Chelsea, $60 million of which was recorded last month. The lender was Madison Realty Capital. The 14-unit boutique condo is going up at 514 West 24th Street.
10) Midtown Office Tower Refinancing, Redux -$60 million
|Largest Manhattan loans recorded in March 2018|
|1||600 Madison Avenue||$185 million||Ruben Companies||Prudential Insurance Co. of America||Midtown East|
|2||520 Park Avenue (41-45 East 60th Street)||$175 million||Zeckendorf Development||HSBC||Midtown East|
|3||555 West 42nd Street||$155 million||Massachusetts Mutual Life Insurance Company||ING Capital||Hell's Kitchen|
|4||Hotel Carter, 250 West 43rd Street||$129 million||Chetrit Group||JPMorgan Chase||Times Square|
|5||210, 220 and 230 West 107th Street, 203 West 107th Street||$91.9 million||Emerald Equity Group||LoanCore||Upper West Side|
|6||1657 Broadway||$80 million||Madison Capital||Aareal Capital||Times Square|
|7||212 West 95th Street||$71.5 million||Certes Partners, United Management||Goldman Sachs||Upper West Side|
|8||1841 Broadway||$65.5 million||Global Holsings Management Group||Helaba||Lincoln Square|
|9||729 Seventh Avenue (condo unit)||$60 million||Himmel + Meringoff Properties||Signature Bank||Midtown West|
|10||Fitzroy at 514 West 24th Street||$60 million||JDS Development Group, Largo Investments||Madison Realty Capital||Chelsea|
|Source: The Real Deal analysis of NYC Dept. of Finance loans recorded in March 2018. Refinance deals with the same lender, mortgage spreader agreements or extensions were not included.|
Correction: This story was updated to reflect the correct month in which the loans were recorded. It was March, not April.