These were the top 10 outer borough loans last month

The top loan was $195M for Rochdale Village in Queens

Nov.November 06, 2019 04:15 PM
Clockwise from left: 10 Jay Street, Rochdale Village and 46-06 57th Avenue (Credit: Google Maps)

Clockwise from left: 10 Jay Street, Rochdale Village and 46-06 57th Avenue (Credit: Google Maps)

For the second month in a row, projects in Brooklyn and Queens comprised the entire list of New York’s top outer borough loans.

The top loan last month was $195 million in financing from Wells Fargo to the Rochdale Village co-op in Queens. At the No. 2 spot was a $147 million loan from Brooklyn Finance Company for two American Realty Advisors parcels on 57th Avenue in Maspeth.

The first Brooklyn loan came in at No. 3. That was the $135 million in financing from Natixis for Triangle Assets and Glacier Global Partners at 10 Jay Street in Dumbo.

Overall, the list was evenly split between five projects in Queens and five projects in Brooklyn. No project in Bronx or Staten Island made the cut for October.

The full list of top 10 outer borough loans for October follows:

1. Co-operation – $195 million
The largest outer borough loan last month was a $195 million mortgage from Wells Fargo to Rochdale Village in southeastern Queens. The large complex is structured as a co-op and spans 20 buildings and 120 acres. It was built in the early 1960s under the Mitchell-Lama affordable housing program, according to Commercial Observer.

2. Proud to be an American Realty Advisor – $147 million
The $147 million loan for American Realty Advisors was from Brooklyn Finance Company. The financing is for a pair of parcels on 57th Avenue in Maspeth, including an industrial building at 46-06 57th Avenue by Newtown Creek. FedEx occupies the property, according to PincusCo.

3. Love Triangle Assets – $135 million
Triangle Assets and Glacier Global Partners landed a roughly $135 million floating-rate loan from Natixis for their office redevelopment project at 10 Jay Street in Dumbo. The debt has a five-year term that includes two extensions for one year each. The project will be the home of Soho House’s new co-working venture and also has clothing-rental startup Rent the Runway as a tenant.

4. Plenty of Fish in the Seagirt – $121 million
Berkadia Commercial Mortgage loaned the New York City Partnership Housing Development Fund about $121 million for its project at 7-11 Seagirt Avenue in Far Rockaway. The multifamily property stands 25 stories tall with 917 residential units, according to the city.

5. On the Level – $88.5 million
Level One Holdings received an $88.5 million loan from Bank of Leumi USA for 58 Saint Marks Place in Boerum Hill. The construction financing consists of $24.75 million to refinance the acquisition loan, along with a roughly $50.4 million building loan and a $13.4 million project loan, according to PincusCo. Level One is planning to construct a 102-unit mixed-use property on the site that will span more than 133,000 square feet.

6. Down by the Caesar’s Bay – $87.5 million
Surrey Equities landed an $87.5 million loan from Barclays for the Caesar’s Bay Shopping Center in Gravesend to land the No. 6 spot on October’s list. Surrey owns the complex with Gazit Horizons, and tenants include Best Buy, Kohl’s and Modell’s. The Barclays deal adds $65.25 million to a previous TD Bank loan on the complex, according to PincusCo.

7. Hard as Granite Point Mortgage Trust – $77.9 million
Granite Point Mortgage Trust provided a roughly $77.9 million mortgage to GDC Properties for a slew of addresses in Queens. The funding is for a planned townhouse rental development centered on 46th Avenue in Long Island City, and it will refinance prior construction debt from Santander Bank to help complete the project, according to Commercial Observer.

8. Why so Bluestone? – $70 million
Bluestone Group and Madison Realty Capital loaned Cornell Realty Management and Rubin Equities $70 million for the firms’ property at 85 Flatbush Avenue Extension. The Downtown Brooklyn site is home to luxury rental apartments and the Tillary Hotel.

9. Knock on Woodhaven – $65.3 million
Capital One loaned Rubin Schron’s Central Queens Properties $65.25 million for its properties at 62-42 Woodhaven Boulevard and 62-49 84th Street by Rego Park. The Woodhaven Boulevard site includes three buildings with 408 residential units, according to the city.

10. Duffieldman – $51.9 million
October’s list closes out with a $51.85 million loan from NorthMarq Capital to CBZ Management for 237 Duffield Street in Downtown Brooklyn. The financing for the 110-unit luxury rental building includes $14.7 million in new debt and retires about $37 million of unpaid construction debt that Principal Life Insurance Company provided for the project in 2015, according to Commercial Observer.

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