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These were the biggest Manhattan real estate loans in July
Two development sites saw the most debt during the month
Banks backed three major components of the future Manhattan skyline last month in lending deals totaling $1.5 billion. All together, the 10 largest real estate loans in July totaled $3.26 billion, and in addition to construction projects, included several nine-digit refinancings. See the full list below:
1) Easy as 1,2,3 – $715 million
As Silverstein Properties moved to close on the acquisition of the ABC network headquarters on the Upper West Side, the developer also lined up $800 million in financing from Deutsche Bank, $715 million of which closed in July. Silverstein is expected to either build a luxury residential or office complex after demolishing the existing buildings, including the 22-story 77 West 66th Street.
2) Tall stack of work – $530 million
Brookfield Property Partners’s 67-story office tower project at 1 Manhattan West can move forward after receiving $530 million in construction financing from Wells Fargo. Accounting firm Ernst & Young will be a major tenant once the building is complete, leasing more than a quarter of the tower’s square footage.
3) On- and off-Broadway – $373 million
Millennium Partners refinanced its debt on a portfolio of westside commercial condominiums with a $373 million loan from Morgan Stanley. Those addresses are 144 Columbus Avenue, 1961 Broadway, 1965 Broadway, 155 West 66th Street, 111 West 67th Street.
4) Weill’d side – $315 million
Angelo Gordon & Co. and it partners refinanced the office building at 575 Lexington Avenue with a $415 million debt package, $315 million of which closed in July. The lender was a debt fund controlled by Paramount Group. The building’s top tenant is Weill Cornell Medical College.
5) Qatar have it – $290 million
Qatar’s Al Rayyan Tourism Investment Company refinanced the Manhattan at Times Square Hotel with a $290 million loan from Mack Real Estate Credit Strategies. Al Rayyan plans to redevelop that 685-key hotel into a 400-unit hotel and condo tower.
6) But there can only be one… $250 million
In the third development loan on July’s list, Flag Luxury Group landed $250 million to develop a Ritz-Carlton Hotel in NoMad at 29 West 28th Street. Atalaya Capital provided that debt. The project would be the city’s second Ritz-Carlton brand hotel. The other is at 50 Central Park South.
7) A goodbye refi – $225 million
The late retail giant General Growth Properties refinanced the loan on the retail condominium at 685 Fifth Avenue. The lender is Bank of America, which provided $225 million. Brookfield completed a $15 billion buyout of GGP earlier this week and earlier this month GGP sold the office portion of the building to Michael Shvo and his partners.
8) Building for brokers – $210 million
RPW Group refinanced the classic Midtown office building at 275 Madison Avenue with $210 million from Ullico. Current tenants include Cushman & Wakefield, Rosen Law firm and Riemer & Associates and Paul Massey’s new brokerage firm.
9) Egads! Eretz Group – $185 million
Aareal Capital Group gave landlord Eretz Group a $185 million loan to refinance its 295 Madison Avenue office tower. The deal replaces previous debt from Bank of China.
10) PCCP money – $169 million
Patrinely Group and its partners refinanced a 280-unit rental building 535 West 43rd Street. The owners borrowed $169 million from PCCP. A Cushman & Wakefield team brokered the deal.