These were the top 10 outer borough loans last month

The largest was $245M from AIG to Midtown Equities and the HK Organization

TRD New York /
Mar.March 11, 2019 07:00 AM

One Boerum Place in Downtown Brooklyn and Empire Stores in Dumbo

The prettiest projects at the outer boroughs dance for lenders last month were developments in Brooklyn and Queens.

Brooklyn had six loans in the top 10, including the top three, while Queens had the other four. The Bronx and Staten Island did not appear on last month’s list at all.

The largest loan of the month was $245 million from AIG to Midtown Equities and the HK Organization for their recapitalization of Empire Stores in Dumbo, while the second spot went to a $140 million loan from Jutland Finance to Avery Hall Investments for One Boerum Place in Downtown Brooklyn.

The largest loan in Queens to make the list was about $40.4 million from Benefit Street Partners to Silverback Development for its purchase of the residential component at 24-16 Queens Plaza South.

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

1. Empire Stores of Mind – $245 million
The largest loan last month was $245 million from AIG for Empire Stores in Dumbo. Midtown Equities and the HK Organization bought out the majority stake in the office and shopping complex from Rockwood Capital for just shy of $420 million and refinanced the complex with this loan, which comes with a term of 15 years and includes a coupon in the area of 4 percent. Office tenants at the complex include United Technologies and the social media company Laundry Service, while retail tenants include West Elm and J. Crew.

2. This Jutland is Your Jutland – $140 million
Jutland Finance took the No. 2 spot with a $140 million construction loan to Avery Hall Investments for its Downtown Brooklyn condo tower planned for One Boerum Place. The floating-rate financing for the project has a three-year term with a pair of one-year extension options. Avery Hall bought the property in 2016 for $76.5 million and plans to build a 21-story, 122-unit development on the site.

3. A Fine Loan for Fine Art – $57.4 million
PNC Bank took third place with a roughly $57.4 million loan to the fine art storage company Uovo for its purchase and renovation of 105 Evergreen Avenue in Bushwick. Uovo purchased the site, which spans about 150,000 square feet, for $47 million. It will be the company’s fourth location in New York and should open in the fall.

4. Silver Benefits – $40.4 million
Benefit Street Partners provided Josh Schuster’s Silverback Development with a roughly $40.4 million loan for the company’s purchase of the residential component at 24-16 Queens Plaza South in Long Island City from Greystone Development. The development is 60 percent complete, and Silverback will finish construction and convert its rental units to condominiums. Silverback purchased the site for about $80 million, and the 23-story project should include 109 condos, according to New York YIMBY.

5. Real Steel Equities – $38.9 million
TIAA’s investment arm Nuveen provided a roughly $38.9 million loan to the Blackstone Group for its purchase of a two-story industrial building by LaGuardia Airport from Steel Equities. Blackstone bought 83-15 24th Avenue for about $56 million, and FedEx Ground is a current tenant.

6. Scale Up – $31.7 million
Scale Lending’s first deal in New York was a $31.7 million loan for 834 Pacific Street in Prospect Heights, a rectory that Happy Living Development plans to convert into a residential rental project. Scale, a partnership between Slate Property Group and the Carlyle Group, launched at the end of 2018 and plans to provide up to $750 million in financing throughout the city. The Prospect Heights project should span 90,000 square feet with 88 apartments.

7. Mr. Rogers Avenue – $29.4 million
Customers Bank loaned 885 Rogers Plaza LLC $29.4 million for the company’s building at 885 Rogers Avenue in Flatbush. The LLC purchased the building for $11.75 million in October from the League Education & Treatment Center, a nonprofit serving people with psychiatric and developmental disabilities.

8. Swelling with Pride – $28.8 million
Pride Hospitality Group landed a roughly $28.8 million loan from delightfully-named East West Bank for its hotel project at 149-03 Archer Avenue by JFK in Jamaica. The company filed plans for the project in 2015, and they plan to have it stand 18 stories tall with 283 rooms across 110,000 square feet.

9. Charlie Chapin – $26 million
Signature Bank loaned nursing home operator Cassena Care $26 million for its facility at 164-11 Chapin Parkway in Jamaica Hills. The site is home to the Margaret Tietz Nursing and Rehabilitation Center, which offers services including short-term care, long-term care and hospice care.

10. The BFC – $19.1 million
February’s list closes out with a roughly $19.1 million loan to BFC Partners from Citibank for the Bedford-Union Armory project at 1555 Bedford Avenue in Crown Heights. The City Council approved the controversial development in 2017, which will include 400 apartments and a recreation center.


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