These were the 10 largest Manhattan real estate loans in November

Foreign lenders take top three spots with major deals

Dec.December 06, 2018 03:00 PM

200 Amsterdam, 200 Fifth Avenue and One Wall Street

The top 10 Manhattan loans recorded in November totaled $2.9 billion, with three loans worth more than $400 million for the first time this year. In another 2018 first, the top three loans were provided by three foreign lenders: Deutsche Bank, Bank of China and Sumitomo Mitsui Trust Bank.

1) Deutsche Back – $750 million

Macklowe Properties secured a $750 million construction loan from Deutsche Bank for One Wall Street. This replaces a $460 million acquisition loan that Deutsche had previously issued on behalf of Qatar National Bank. Though Macklowe had been negotiating for a $850 million loan from JPMorgan Chase for over a year, they ultimately went back to Deutsche, who offered a smaller sum at a lower interest rate.

2) International Toys, International Loan – $600 million

L&L Holdings, in partnership with JP Morgan, secured a $600 million loan from Bank of China to refinance 200 Fifth Avenue. The 800,000-square-foot office property is across the street from the Flatiron Building, and was once home to the International Toy Center.

3) East Mitsui West (Side) – $464 million

SJP Properties and Mitsui Fudosan America landed a $460 million loan for their development of 200 Amsterdam Avenue, slated to become the Upper West Side’s tallest building at 668 feet. The lender, Sumitomo Mitsui Trust Bank, belongs to the same conglomerate as Mitsui Fudosan – Japan’s Mitsui Group. Sumitomo Mitsui previously provided a $160 million loan for the acquisition of the property as well.

4) Standing Tahl – $162 million

Tahl Propp Equities and NYC Partnership Housing refinanced two Harlem residential buildings with a $162 million loan from Deutsche Bank. The properties, at 112 East 128th Street and 107 East 126th Street, contain a total of 412 affordable housing units. Tahl Propp says they will use the money to fund capital repairs and improvements, and this will not lead to rent increases.

5) Un Plaza, Unsold – $160 million

Carlyle Group secured a $160 million loan for 56 unsold office condo units at 866 United Nations Plaza. The loan from AllianceBernstein replaced a $168 million Deutsche Bank mortgage from 2017, when Carlyle bought up more than 60 of the office condos in the six-story structure, just north of UN Headquarters.

6) Unheralded – $150 million

SL Green Realty landed a $150 million loan for 2 Herald Square, once Sitt Asset Management’s crown jewel – until SL Green acquired the leasehold through foreclosure in May. The purpose of the loan was not clarified at the time. The building is home to Victoria’s Secret, Mercy College and 122,000 square feet of Amazon-occupied WeWork space.

7) Middle East River – $117 million

Minrav Development secured a $116.7 million loan from Israel’s Bank Leumi for its development at 368 Third Avenue in Kips Bay. Minrav acquired the site from Itzhaki Properties and Continental Ventures for $64 million in May, and is expected to follow through with the prior owners’ plans for the site – a 35-story residential tower.

8) Brooksale – $116 million

Chicago-based Ventas REIT landed a $116 million loan from Capital One bank for the acquisition of the ground lease of Brookdale Battery Park, a senior facility at 455 North End Avenue. Brookdale Senior Living, who had leased the property since 1999, has faced activist pressure to monetize its real estate portfolio. Ventas, which focuses on housing and health care, already operates four NYC locations.

9) Rollins in Money – $93 million

Delancey Street Associates landed a $93 million loan for the Rollins, an apartment building at 145 Clinton Street that is part of Delancey’s Essex Crossing development. The developers also received a $68 million loan for the retail portion of the building from Goldman Sachs’ commercial mortgage-backed securities group.

10) Keep it in the Community (Bank) – $75 million

Moshe Drizin’s Mayore Estates secured a $75 million loan for 22 Cortlandt Street from New York Community Bank, replacing a $65 million loan from the same lender from 2012. The 34-story office tower between Church Street and Broadway has a multi-level Century 21 department store at its base. In 2003, Drizin and his partners filed for Chapter 11 bankruptcy protection for the building due to losses caused by the 9/11 terror attacks.

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