These were the top 10 outer borough loans last month

The largest was $328 million from KKR Real Estate Finance Trust to Spitzer Enterprises

New York /
Jul.July 09, 2019 07:00 AM

Clockwise from left: 420 Kent Avenue, a rendering of TWA Flight Center at John F. Kennedy International Airport, and 29-22 Northern Boulevard in Long Island City (Credit: Curbed NY)

Eliot Spitzer and John F. Kennedy International Airport topped the list of the biggest outer borough loans recorded last month.

Spitzer’s company Spitzer Enterprises claimed the top spot with a $328 million loan for its massive multifamily project at 420 Kent Avenue in Williamsburg, while the revamped TWA Flight Center at JFK took second place with a $270 million loan. All loans in the top five were worth more than $100 million last month.

Overall, the list was split between five loans in Brooklyn and five loans in Queens. No loans for projects in the Bronx or Staten Island made the cut once again.

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

1. Spit Take – $328 million
The largest loan in the outer boroughs last month was Spitzer Enterprises inking about $328 million for its luxury multifamily project at 420 Kent Avenue along the Williamsburg waterfront. KKR Real Estate Finance Trust supplied the loan. Spitzer’s massive project features three glass towers with 857 units across 1.5 million square feet, along with 80,000 square feet of outdoor space, 25,000 square feet of indoor amenities and 20,000 square feet of restaurant and retail space.

2. Take Flight – $270 million
Second place went to MCR Development’s revamped TWA Flight Center at John F. Kennedy International Airport, which landed $270 million from Bank of America. The money refinances a 2018 $230 million leasehold mortgage from M&T Bank and consolidates a new $40 million gap mortgage. The 512-key airport hotel recently reopened with rooms starting at $249 per night.

3. Simon Baron Says – $240 million
Simon Baron Development received a $240 million refinancing for its co-living project in Long Island City at 29-22 Northern Boulevard from Société Générale and Deutsche Pfandbriefbank. Simon Baron bought out its partner Quadrum Global’s stake in the project last year. It is known as the ALTA LIC apartment complex and will feature 467 units and 14 floors of co-living units.

4. All Year Long – $170 million
JPMorgan provided Yoel Goldman’s All Year Management with a $170 million loan for the second phase of the firm’s Rheingold Brewery project, a 468-unit rental building at 123 Melrose Street. The first phase, a 443-unit rental building at 54 Noll Street, is almost completely leased. Overall, the project will span 1 million square feet with more than 900 units, 100,000 square feet of retail space and a park spanning roughly 18,000 square feet.

5. Take the Metro – $133 million
The Korean firm Hangang Asset Management provided the Chetrit Group with a $133 million refinancing package for its 500 Metropolitan Avenue mixed-use project in Williamsburg. The 14-story development includes 42 residential units and a 187-key hotel.

6. City Livingston – $70 million
Lonicera Partners received $70 million from Santander Bank for its development at 308 Livingston Street in Downtown Brooklyn. The luxury apartment project will feature 160 rental units, including 48 affordable ones, and 9,640 square feet of retail space, according to the Commercial Observer.

7. London Calling – $62.7 million
London’s Standard Chartered Bank provided the Hox House hotel in Williamsburg with a $62.7 million mortgage. The hotel opened in 2018 and is located at 101 North 10th Street.

8. They’re Related – $58.8 million
Related Companies landed a roughly $58.8 million loan from Colony Credit Real Estate for 21-02 49th Avenue in Long Island City. The money refreshes Related’s leverage on the property, a seven-story building known as the Paragon Building, according to the Commercial Observer.

9. A Full Slate – $56 million
JMH Development landed $56 million from Scale Kending, a lending arm of Slate Property Group, for 36-20 Steinway Street in Astoria. The firm’s multifamily project will include 143 units, and the debt will last for three years, according to Commercial Observer.

10. Ashes to Ashes – $54 million
June’s list closes out with a $54 million loan from Arbor Realty Trust to Zara Realty for 140-30 Ash Avenue and 140-60 Beech Avenue. The company purchased the pair of Flushing multifamily buildings for $80 million. The properties span about 250,000 square feet with 266 apartments, and Zara plans to hold onto both properties as long-term assets.


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