These were the top 10 outer-borough loans last month

The biggest was $1B for Tishman Speyer’s Jackson Park project

TRD New York /
Oct.October 07, 2019 08:45 AM
Clockwise from the top left: Jackson Park at 28-40 Jackson Avenue, 240 Willoughby Street in Fort Greene, 664 Pacific Street in Brooklyn, and 247 Metropolitan Avenue in Williamsburg (Credit: StreetEasy, Google Maps, Pacific Park Brooklyn, The Pod Hotel)

Clockwise from the top left: Jackson Park at 28-40 Jackson Avenue, 240 Willoughby Street in Fort Greene, 664 Pacific Street in Brooklyn, and 247 Metropolitan Avenue in Williamsburg (Credit: StreetEasy, Google Maps, Pacific Park Brooklyn, The Pod Hotel)

Brooklyn and Queens dominated the list of outer-borough loans for September.

Brooklyn projects accounted for most of the top 10 loans last month, although the two largest were for developments in Queens. The No. 1 spot was $1 billion in financing for Tishman Speyer’s Jackson Park project, followed by a $500 million package for Ruby Schron’s Queens portfolio.

Overall, the list was split between seven projects in Brooklyn and three in Queens. No Bronx or Staten Island projects made the cut in September.

The full list of top 10 outer-borough loans in September:

1. Jackson Park – $1 billion
The largest loan of September by a huge margin was the $1 billion in permanent financing Tishman Speyer landed for its Jackson Park project in Long Island City. The 10-year, interest-only loan comes from Bank of America and Wells Fargo, and it replaces a 2015 $640 million construction loan from the same companies. The development features 1,871 apartments across three buildings, a 50,000-square-foot clubhouse and a 1.5-acre private park.

2. Ruby Tuesday – $500 million
Ruby Schron’s Cammeby’s International Group took second place with this loan from Fannie Mae for its Queens megacomplex that includes almost 3,300 units. The refinancing came from Capital One and includes a multifamily mortgage for almost $190 million. It covers a vacant plot of land and hundreds of low-rise buildings across eight tax lots. The new financing replaces a 2006 debt package for $325 million from Independence Community Bank.

3. Pacific Rim – $144 million
The biggest Brooklyn loan on the list was this package from Bank of New York Mellon to the Brodsky Organization for one of the Pacific Park apartment buildings Brodsky purchased last year at 662 Pacific Street. Brodsky bought the site from Greenland Forest City Partners and plans to develop it as a rental building with 312 units.

4. Ironstate Man – $78.4 million
CBSK Ironstate landed this loan from Goldman Sachs for its Pod Hotel at 247 Metropolitan Avenue in Williamsburg. The money will replace a 2017 bridge loan from Ladder Capital for $84 million. Initial financing for the project came from Deutsche Bank, which provided a $58 million construction loan in 2015.

5. Simon Dushinsky Says – $63.5 million
Simon Dushinsky’s Rabsky Group landed this mortgage from Axos Bank for 240 Willoughby Street in Fort Greene. The company purchased the medical facility from Brooklyn Hospital this year for $95 million. It is known as the Maynard Building and includes 350,000 square feet of residential development rights.

6. A Royal Flushing Avenue – $63 million
Cantor Commercial Real Estate Lending provided this loan for 908 Flushing Avenue in Bushwick. The financing went to Jacob Schwimmer, who was operating through the entity 115 Stanwix Realty LLC, according to PincusCo.

7. Red Skies and Calm Waters – $60 million
Calmwater Capital provided RedSky Capital with this financing for 143-157 Roebling Street in Williamsburg. The 18-month loan for the assemblage of five commercial buildings will refinance prior debt and fund pre-development costs for the planned conversion of property into office, retail and residential space, according to the Commercial Observer.

8. When You Wish Upon A Starwood – $52 million
Starwood Mortgage Capital lent Joel Schwartz’s Grand Residences LLC this money for 125 Borinquen Place in Williamsburg. The seven-story building contains 133 residential units and spans about 130,000 square feet.

9. GreenLake Placid – $49.5 million
GreenLake Asset Management provided Hafeez Choudhary this loan for 52-09 31st Place in Long Island City, according to PincusCo. Choudhary’s development was the only Queens project besides the top two to make the list.

10. Florence Nightingale Properties – $49 million
September’s list closes out with yet another Brooklyn project. Amerant Bank provided Nightingale Properties and Infinity Real Estate this financing for 1712 East 14th Street, next to Kings Highway in southern Midwood, according to PincusCo.

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