The top 10 outer borough loans in June were almost exclusively about Brooklyn.
The borough took up eight of the top 10 spots last month, with the Bronx sneaking in at number nine and Queens at number 10. Staten Island was once again shut out.
The top loan last month was for $130 million from Bank of America to Red Apple Group for the company’s Ocean Dreams project in Coney Island, followed by a $117.5 million loan for the Azure project in Downtown Brooklyn from All Year Management and Spencer Equity. Other notable deals included an $89 million loan to Brookfield Property Partners for Greenpoint Landing and a roughly $50.9 million loan to the Stagg Group for 150 Van Cortlandt Avenue East.
The full list of the top 10 outer borough loans recorded in June is as follows:
1. Surf’s Up – $130 million
The top outer borough loan in June was from Bank of America to John Catsimatidis’ Red Apple Group for the Coney Island project at 3514 Surf Avenue. The $130 million construction loan also included money from Spanish bank Santander, and $50 million in financing is also coming to the project through the EB-5 program. The project, called Ocean Dreams, will include 425 units and span 432,000 square feet.
2. Fair and Albee Square – $117.5 million
The next loan came from bondholders on the Tel Aviv Stock Exchange to All Year Management and Spencer Equity for the companies’ project at 436 Albee Square in Downtown Brooklyn. The roughly $117.5 million loan for the project, dubbed the Azure, will go towards repaying a $105 million loan, and it also includes a $12.4 million gap mortgage. Spencer Equity and All Year both have a 50 percent stake in the 28-story, 150-unit project.
3. Stockton Syndrome – $99.8 million
Madison Realty Capital and Goldman Sachs loaned Empire State Management, Abraham Brach and Nachman Leibowitz just under $100 million for Brooklyn buildings at 104, 114 and 134 Stockton Street, 833-869 Myrtle Avenue and 553-569 Marcy Avenue. The condo complex, called Cascade, will span 400,000 square feet across seven buildings along the border of Williamsburg and Bedford-Stuyvesant, and the project’s first phase of 97 units should be done this year.
4. Brookfield in Brooklyn – $89 million
Brookfield Property Partners received an $89 million loan from Industrial and Commercial Bank of China for construction of the massive Greenpoint Landing project in Brooklyn. The company bought into a pair of development sites at the Park Tower Group project in June and used the loan to finance the deal. Brookfield and Park Tower Group plan to build a pair of rental projects at the sites with 1,240 units.
5. Apollo Four – $79.4 million
Apollo Commercial Real Estate loaned Est4te Four $79.4 million for its project at 160 Imlay Street in Red Hook. The condo building was constructed in 2016 and contains 70 units, according to StreetEasy.
6. All Year All Over – $69 million
All Year Management makes its second appearance on June’s list thanks to a $69 million loan from TNW Capital for multiple properties in Brooklyn. TNW, a joint venture of Northwind Group and Princeton Holdings, loaned Yoel Goldman’s All Year a three-year, fixed-rate loan backed by several Brooklyn properties, including 65 Kent Avenue in Williamsburg and 1010 Bedford Avenue in Bed-Stuy.
7. Popular, Alluring Gravesend – $55.4 million
Popular Bank loaned Allure Group $55.4 million for the construction of its nursing home project at 2230 Cropsey Avenue in Gravesend. The bank assumed an existing unpaid balance of $29 million at the property and provided a gap mortgage of $26.3 million. Allure was at the center of the Rivington House scandal and reached a $2 million settlement with the state in January in the wake of an investigation into the sale of nursing homes with deed restrictions.
8. A Holy Loan – $52 million
The Roman Catholic Diocese of Brooklyn and Queens received a $52 million construction loan from St. John’s Cemetery for 500 19th Street. The address in Windsor Terrace is home to the Brooklyn Urban Garden Charter School, and St. John’s Cemetery at 80-01 Metropolitan Avenue in Middle Village also falls under the Diocese’s purview.
9. Stagg Party – $50.9 million
The Bronx made its first appearance on the list thanks to a $50.9 million construction loan from the New York City Housing Development Corporation to the Stagg Group for 150 Van Cortlandt Avenue East in Bedford Park. Mark Stagg’s company filed plans in late 2016 for a 163-unit apartment building at the address standing 13 stories tall and spanning about 134,000 square feet.
10. Fit for a Queens – $47 million
June’s list ends with a Queens loan for about $47 million from Benefit Street Partners to Michael Heletz for Vernon Tower at 31-43 Vernon Boulevard in Astoria. Heletz filed plans back in 2014 for a six-story, 79-unit building spanning 66,300 square feet.
|Largest outer borough loans recorded in June 2018|
|1||3514 Surf Avenue||$130 million||Red Apple Group||Bank of America||Coney Island|
|2||436 Albee Square||$117.5 million||All Year Management, Spencer Equity||Bondholders on Tel Aviv Stock Exchange||Downtown Brooklyn|
|3||104, 114 and 134 Stockton Street, 833-869 Myrtle Avenue and 553-569 Marcy Avenue||$99.8 million||Empire State Management, Abraham Brach and Nachman Leibowitz||Madison Realty Capital||Bedford-Stuyvesant|
|4||Greenpoint Landing||$89 million||Brookfield Properties||Industrial and Commercial Bank of China||Greenpoint|
|5||160 Imlay Street||$79.4 million||Est4te Four||Apollo Commercial Real Estate|
|6||141 Spencer Street and 13 others||$69 million||All Year Management||TNW Capital, a joint venture from Ran Eliasaf of Northwind Group and Joseph Tabak of Princeton Holdings||Williamsburg, Bedford-Stuyvesant, others|
|7||2230 Cropsey Avenue||$55.4 million||Allure Group||Popular Bank||Gravesend|
|8||500 19th Street||$52 million||Diocese of Brookyln and Queens||St. John's Cemetery||Windsor Terrace|
|9||150 Van Cortlandt Avenue East||$50.9 million||Stagg Group||New York City HDC||Bedford Park|
|10||Vernon Tower, 31-43 Vernon Boulevard||$47 million||Michael Heletz||Benefit Street Partners||Astoria|
|Source: The Real Deal analysis of NYC Dept. of Finance loans recorded in June 2018. Refinance deals with the same lender, mortgage spreader agreements or extensions were not included. Loans with the city or its affiliates were not included.|