The top outer borough loans in August were all about Brooklyn and the Bronx.
Projects in the two boroughs accounted for nine out of the top 10 loans last month, with Brooklyn developments occupying the top four spots. A $335 million loan from JPMorgan Chase to LIVWRK and CIM Group took the top spot, while a $225.6 million loan from Goldman Sachs to RXR Realty took second place.
Overall, the list was split between five projects in Brooklyn, four projects in the Bronx and one project in Queens. No Staten Island projects made the list for August.
The full list of top 10 outer borough loans for August is as follows:
1. All Along the Watchtower – $335 million
The top outer borough loan for August was $335 million from JPMorgan Chase to CIM Group and LIVWRK for their redevelopment of Dumbo’s Watchtower Building. CIM and LIVWRK bought the property in 2016 for $340 million with their former partner the Kushner Companies, one of the largest deals Brooklyn had ever seen. The firms have since undertaken an $80 million renovation of the property, which was once home to the headquarters for Jehovah’s Witnesses.
2. As Good as Goldman – $226 million
Goldman Sachs provided RXR Realty with $225.6 million in financing for the firm’s project on Long Island University’s Brooklyn campus in Fort Greene. The deal is split between a building loan for $155.9 million and a project loan for $69.7 million, and it will go toward constructing a new $300 million residential tower on the campus, according to Commercial Observer.
3. Climb Every Monteith – $204 million
Rabsky Group landed about $204 million in financing from Berkadia Commercial Mortgage for its Bushwick project at 10 Montieth Street. The 500-unit residential building is known as the Rheingold and is located on the former Rheingold Brewery. The package includes a mortgage for about $62.4 million.
4. A Starwood is Born – $130 million
Another Bushwick project took fourth place last month. Starwood Mortgage Capital provided Bruman Realty with a $130 million refinancing package that includes a $20 million gap mortgage for a development with more than 200 units at 871 Bushwick Avenue. The owners purchased the site in 2014 for $15 million.
5. Marquis de Lafayette Avenue – $104 million
The Bronx made its first appearance on the list with a $104 million loan from Bank of America to Madison Marquette Real Estate Services for 1201 Lafayette Avenue in Hunts Point. The office property spans 405,000 square feet and is known as the Banknote Building.
6. Mack and Marx – $67 million
Mack Real Estate Credit Strategies provided Marx Development Group with a $67 million loan for 71-05 Parsons Boulevard in Flushing. David Marx’s company plans to build a 400-foot-tall project on the site made up of two 37-story residential towers with 488 apartments. The firm will use the Mack loan to pay down Israeli bond debt, according to Commercial Observer.
7. Sterling Silver – $52 million
Sterling National Bank made August’s top loans list three times, starting with a $52 million loan to Rabsky Group for a development site in Gowanus. Yoel Goldman’s All Year Management closed a deal to sell the site to a partnership led by Rabsky Group in August for $80 million. Goldman’s firm will retain a 12.5 percent stake in the site.
8. More Sterling Silver – $45.5 million
Sterling’s second loan was for about $45.5 million to the nonprofit Housing and Services Inc. for 211 East 203rd Street. The company is planning to build a 13-story, 108-unit apartment building on the site that would span about 70,000 square feet.
9. Gratuitous Amounts of Sterling Silver – $37.5 million
Sterling’s final appearance on the list was for a roughly $37.5 million loan to Riseboro Community Partnership for an affordable senior housing building they are planning on East 233rd Street in the Bronx. The project would stand four stories tall and include 80 units of affordable housing.
10. Stagg Party – $37.3 million
The final loan on the list was a Fannie Mae-backed loan from Berkadia Commercial Mortgage to Mark Stagg’s Stagg Group for 40 parcels of land in the Bronx. The loan encompasses several properties in the northern part of the borough on East 224th Street, East 213th Street and Reeds Mill Lane.