These were the top 10 outer borough loans last month

The largest was $175 million from HSBC to Mack Real Estate, Palin Enterprises and Urban Development Partners

TRD New York /
Aug.August 09, 2019 08:00 AM
Clockwise from left: a rendering of the Greenpoint at 21 and 23 India Street in Greenpoint, a rendering of the Tangram project at 133-27 39th Avenue in Flushing, and 564 St. John’s Place in Crown Heights (Credit: StreetEasy)

Clockwise from left: a rendering of the Greenpoint at 21 and 23 India Street in Greenpoint, a rendering of the Tangram project at 133-27 39th Avenue in Flushing, and 564 St. John’s Place in Crown Heights (Credit: StreetEasy)

Major projects in Greenpoint and Flushing topped the list of the largest outer borough loans for July.

The Greenpoint, a 40-story tower at 21 India Street, took the No. 1 spot with a $175 million loan from HSBC, while Flushing’s huge Tangram project took the No. 2 spot with a $163 million loan from Shanghai Commercial Bank. The only other loan for more than $100 million was a roughly $104 million loan from Berkadia Commercial Mortgage for a Cassena Care facility in the Bronx.

Overall, the list was split between five properties in Brooklyn, four projects in Queens and one project in the Bronx. No loans for projects in Staten Island made the cut in July.

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

1. India Ink – $175 million
The top loan last month was $175 million from HSBC to developers Mack Real Estate, Palin Enterprises and Urban Development Partners for their Greenpoint project at 21 and 23 India Street. The project, known as the Greenpoint, features a rental and condo tower standing 40 stories and 400 feet tall.

2. Shanghai Knights – $163 million
Shanghai Commercial Bank loaned F&T Group $163 million for the company’s massive Tangram project in Flushing. The funding was for the project’s residential properties at 133-27 39th Avenue, 133-36 37th Avenue and 37-12 Prince Street, which contain a total of 354 residential units, according to StreetEasy.

3. State of Grace – $104 million
Berkadia Commercial Mortgage loaned Cassena Care roughly $104 million for the nursing home operator’s facility at 3155 Grace Avenue in the Bronx. The loan was secured through the federal Department of Housing and Urban Development and will go to the Workmen’s Circle MultiCare Center, according to Real Estate Weekly. The Baychester facility provides services including physical therapy and hospice care.

4. Saint John – $87.8 million
New York Community Bank loaned Harbor Group International about $87.8 million for 564 St. John’s Place, which the company recently purchased from Toby Moskovits for $117 million. The once-distressed Crown Heights building contains 193 units, and Moskovits and her partner Michael Lichtenstein had been in danger of losing it last year after their lender Benefit Street Partners filed a foreclosure auction.

5. United States of American Land – $85 million
United American Land received an $85 million loan from Citi Real Estate Funding for 503 Fulton Street in Downtown Brooklyn. The seven-story building spans about 139,000 square feet with 121 residential units and retail space occupied by TJ Maxx and Old Navy.

6. Animal House – $75 million
Animal Care and Control of New York City landed a $75 million loan from Wells Fargo for two vacant plots of land at 151 Woodward Avenue and 1902 Flushing Avenue in Queens. The adjacent Ridgewood sites are expected to be the home of a new 50,000-square-foot animal shelter in Queens scheduled to open in 2022 with space for 70 dogs, 110 cats and smaller animals like rabbits and guinea pigs, according to amNewYork.

7. Jim Parsons Boulevard – $73.8 million
The Bank of New York Mellon loaned Dunn Development about $73.8 million for 82-41 Parsons Boulevard in Hillcrest, Queens. The company is working on a project at the former site of the Triboro Hospital for Tuberculosis that would include 205 residential units, split between 130 affordable units and 85 supportive units, along with 12,000 square feet of space for the Queens Hospital Center and 8,000 square feet of community space, according to New York YIMBY.

8. Land of Lincoln Road – $67 million
Citi Real Estate Funding made its second appearance on the list with a $67 million loan to Lincoln Sponsor LLC for 31 Lincoln Road and 510 Flatbush Avenue in Prospect-Lefferts Gardens. Aleksander Goldin controls the LLC, and the property spans 274,524 square feet with 175 residential units, according to PincusCo. The development is known as the Lincoln Apartments, according to StreetEasy.

9. Second Fiddle – $48 million
New York Community Bank provided a roughly $48 million loan to Kraus Organization for 389-393 South 2nd Street in Williamsburg. The bank took over a $40 million 2014 loan from Signature Bank and added a new $7.9 million mortgage to it, according to the Commercial Observer.

10. Day at the Beach Street – $40 million
July’s list closed out with a $40 million loan from TD Bank to Related Companies for 125 Beach 17th Street in Far Rockaway. The two-tower property is known as Ocean Park Apartments and stands 26 stories tall with 602 units. It is a federally subsidized housing complex that Related bought in 2005 from the Ocean Park Company.


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