These were the top 10 outer borough loans in October

A roughly $201M loan for a Long Island City co-living complex topped the list

TRD New York /
Nov.November 28, 2018 08:30 AM

Clockwise from left: 29-22 Northern Boulevard in Long Island City, Penthouse Executive Club at 603 West 45th Street, and 58-30 Grand Avenue in Maspeth (Credit: Google Maps)

The top outer borough loans during October were all about Queens and Brooklyn.

Although the top 10 were split evenly between the two boroughs at five loans apiece, Queens had all of the top four deals, and Brooklyn did not make its debut until the No. 5 spot. The Bronx and Staten Island did not have any loans make the top 10 last month.

The loans were worth about $748.2 million overall. The largest loan in the outer boroughs last month was for about $201 million for 29-22 Northern Boulevard, a co-living complex in Long Island City. The only other deal to top the $100 million mark was one for a portfolio across Manhattan and Queens for $130 million from Mack Real Estate Credit Strategies and Bluestone Capital.

The full list of the top 10 outer borough loans for October is as follows:

1) Northern Exposure – $201 million

The largest outer borough loan last month was for about $201 million from a consortium led by AIG Investments to Simon Baron Development for 29-22 Northern Boulevard in Long Island City. The loan was for the company’s acquisition of its partner Quadrum Global’s stake in the 467-unit co-living building, a deal valued at $313.2 million. Other lenders in the consortium include the United States Life Insurance Company and the Union Fire Insurance Company of Pittsburgh.

2) Mack and Cheese – $130 million

The No. 2 loan took place across multiple properties in Queens and Manhattan. Investor and strip club owner Robert Gans received about $130 million from Mack Real Estate Credit Strategies and Bluestone Capital for the portfolio of redevelopment sites across the boroughs, which spans more than 1 million square feet. The Queens properties are located in Astoria, Corona and Jamaica on Merrick Boulevard, Roosevelt Avenue and Steinway Street.

3) A Grand Old Time – $74 million

Innovo Property Group received the third place loan with a $74 million financing from TH Commercial Mortgage for its property at 58-30 Grand Avenue. The company went under contract in August to buy the Maspeth warehouse site for about $40 million, which has been marketed as a space for tenants providing last-mile logistics for deliveries.

4) McSam I Am – $71 million

Sam Chang’s McSam Hotel Group landed this $71 million loan from Bank OZK for the property at 144-02 135th Avenue. The developer is using the loan to finance the construction of an 11-story, 360-key Marriott hotel and a 12-story, 182-key Residence Inn near John F. Kennedy International Airport, which Chang is building with Soundview Real Estate Partners and Chartwell Hospitality, according to Commercial Observer.

5) Good Prospects – $56.5 million

Brooklyn made its first appearance on the list at No. 5 thanks to nursing home operator Cassena Care landing a $56.5 million loan for 520 Prospect Place in Crown Heights, a senior housing facility it acquired last year in a deal valued at $64 million. The loan came from Bank of America, and it replaces a previous loan that the bank made for the facility last July. The building has 320 beds and spans 118,200 square feet.

6) Signature Touch – $53 million

Brooklyn also took the No. 6 spot courtesy of a $53 million loan from Signature Bank to Spencer Equity for 180 North 7th Street. The five-story residential building in Williamsburg spans 67,508 square feet and contains 92 residential units.

7) Live Your MetLife – $45 million

This $45 million loan from MetLife went to the Dermot Company to help finance its roughly $75 million purchase of 33 Caton Place in Windsor Terrace. The multifamily building contains 126 units, and the Dermot Group plans to make minor renovations to it. The firm bought the property from the Vanbarton Group, which had purchased it in 2015 for about $75.9 million.

8) Go with the Beechwood Tides – $45 million

The No. 8 loan was for $45 million from KKR Real Estate to Benjamin Beechwood Tides for 67-10 Rockaway Beach Boulevard. The seven-story residential property has 127 units, according to the city.

9) New York, New York Avenue – $36.7 million

Bank of America loaned $36.7 million to BPHN Senior Residence HDFC for 1488 New York Avenue in East Flatbush. The company purchased the site in December for $2.9 million, according to property records.

10) Two Trees Grows in Brooklyn – $36 million

The final loan on the list was $36 million from Signature Bank to an LLC linked to Two Trees Management for a Greenpoint petroleum facility at 25 Paidge Avenue. Zenith Energy, a Texas-based company, sold the site to 25 Paidge LLC in the fall for $62 million, and the loan is meant to help fund the purchase. The LLC has already leased the building back to Zenith Energy.

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