These were the 10 largest Manhattan real estate loans in June

Top financing deal last month was for refi of Independence Plaza

From left: Steven Roth, Independence Plaza at 40 Harrison St, Joseph Chetrit, 500-512 Seventh Avenue, and Joseph Moinian (Credit: Getty, Apartments, and Google Maps)
From left: Steven Roth, Independence Plaza at 40 Harrison St, Joseph Chetrit, 500-512 Seventh Avenue, and Joseph Moinian (Credit: Getty, Apartments, and Google Maps)

New York’s real estate lenders are pouring money into Midtown. In June, the largest loans — for refinancing, acquisition and construction — spanned projects including a hotel in Times Square and an office tower in near Bryant Park. The top 10 loans in Manhattan totaled $2.94 billion. See the full list below:

1) Residential refi — $675 million

Vornado Realty Trust and Stellar Management landed a $675 million refinance of Independence Plaza was provided by Goldman Sachs. The loan — on the three-tower luxury residential complex in Tribeca — will be in the form of a single-asset CMBS deal, Independence Plaza Trust 2018-INDP. Independence Plaza, built in 1975, has 1,327 units — and the properties include private outdoor terraces and views of the Hudson River.

2) Bryant Park buy — $463 million

JLL‘s Capital Markets secured $463 million in acquisition financing for Midtown Manhattan’s 5 Bryant Park office tower. The deal was on behalf of the buyer, New York-based Savanna. The firm also completed the sale to Savanna on behalf of the Blackstone Group for $640 million. Standing at 34 stories, 5 Bryant Park includes roughly 38,000 square feet of retail space — and has undergone $107 million in renovations since 2007. The tower is 97 percent leased.

3) Garment District refinancing — $375 million

Moinian Group, Chetrit Group and Minskoff Equities scored a $375 million loan to refinance a Garment District office complex. AIG provided the funds to refinance 500-512 Seventh Avenue — with a loan that replaces older financing from 2006. The Real Deal reported that the investors avoided defaulting on the financing in 2016 by securing an extension. Solil Management controls the land, and tenants of the complex include WeWork.

4) Office space acquisition — $345 million

Wells Fargo is lending $345 million for the acquisition of the office condominium portion of 1745 Broadway. In April, SL Green Realty and Ivanhoe Cambridge were in contract to sell the 685,000-square-foot space to an unidentified “institutional client of Invesco Real Estate.” The condo spans the second through the 26th stories of the 50-story building. Penguin Random House leases 604,000 square feet of the space. PDT Partners, an investment-management company, is the second-largest tenant.

5) HNA skyscraper — $342 million

Natixis, with Paramount Group and Harbor Group International, provided $342 million to a joint venture led by Chinese conglomerate HNA Group. The loan is to refinance 850 Third Avenue in Midtown, which is among U.S. skyscrapers the entity has been looking to offload after a government-imposed investment freeze earlier this year. HNA has already unloaded two other U.S. properties — 1180 Sixth Avenue and 123 Mission Street in San Francisco.

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6) Hakimian in Hell’s Kitchen — $240 million

The Hakimian Organization refinanced its Hell’s Kitchen office building at 636 11th Avenue with a $240 million mortgage from JPMorgan Chase and Citi Real Estate Funding. The lenders are assuming an existing mortgage from MUFG Union Bank, which had an outstanding balance of $192.46 million. The 660,000-square-foot space, a former candy factory, is home to advertising firm Ogilvy & Mather. The company moved to the building 2009 under a 20-year lease.

7) Tishman Times Square refi — $190 million

Tishman Realty landed a $190 million loan to refinance its InterContinental Times Square hotel. Blackstone Mortgage Trust assumed the existing loan and provided an additional $7 million gap mortgage. The 607-key hotel at 300 West 44th Street was the largest tower built from the ground up in Times Square since Tishman opened the Westin New York in 2002. The 36-story building contains a Shake Shack, an 11,700-square-foot space for business meetings and chef Todd English’s the Stinger NYC.

8) Condo construction — $181 million

CBSK Ironstate — a partnership between Ironstate Development, CB Developers and SK Development Group — secured a $181 million construction loan from Deutsche Bank. The funding is for its 12-story, 222-unit condo project in Hell’s Kitchen. Simultaneously, CBSK also closed on the $93 million purchase of the two-story Lexus dealership on the site at 646 11th Avenue.

9) Milstein’s new role — $130 million

Milstein Properties, which recently sold 250 Water Street — a one-acre parking lot and development site that it owned for nearly four decades — has gone from owner to lender. The company originated a $129.7 million loan for Howard Hughes Corporation’s acquisition of the property. The site, with nearly 290,000 buildable square feet, changed ownership in a $182.7 million deal. Its alternate addresses are 304-312 Pearl Street, 2-8 Peck Slip and 116 Beekman Street.

10) Flatiron financing — $100 million

Ian Bruce Eichner‘s Continuum Company just scored a $100 million loan from Madison Realty Capital for 45 East 22nd Street, records show. The financing puts to rest disputes the developer was embroiled in with Fortress Investment and Dune Real Estate Partners, the preferred-equity investors on the project, sources told TRD. Sales have recently picked up at the 60-story, 83-unit tower.