Queens tower led Brooklyn-saturated list of outer-borough loans

Brooklyn dominated the list of largest outer-borough loans in January even more than usual, but a Queens deal claimed the top spot.

Seven out of the top 10 loans last month were solely for properties in Brooklyn, while two others were for portfolios that included Brooklyn sites.

The only loan not involving Brooklyn was the biggest: $580 million from Apollo Global Management to Savanna for One Court Square in Long Island City.

The deals across multiple boroughs consisted of $240 million from M&T Bank to Petroleum Marketing Group for gas stations in Brooklyn, Queens and the Bronx and $142 million from MetLife to Madison International Realty and Urban American for multifamily properties in Brooklyn and Queens. No loans for Staten Island properties made the list.

The 10 largest outer-borough loans in January were as follows:

1. See You in Court Square — $580 million
Savanna landed this senior loan for One Court Square from funds managed by Apollo Global Management. The loan was part of an $880 million recapitalization for the 1.5 million-square-foot tower in Long Island City. The property took a hit last year when Amazon canceled its plan to build a campus in Long Island City, which would have included taking 1 million square feet at One Court Square. However, the firm has since inked major leases at the building with healthcare company Centene and telecom and cable firm Altice USA.

2. Pacific Park Payday — $460 million
The Brodsky Organization and Greenland Forest City Partners inked a roughly $460 million loan for their Pacific Park rental building from a consortium led by M&T Bank and Bank of New York. The property, at 18 Sixth Avenue, will include 858 apartments, 258 of which will be affordable. The building is expected to open in 2022 and is Brodsky’s second at Pacific Park.

3. Fueling Up — $240 million
M&T Bank lent Petroleum Marketing Group $240 million for gas station properties in Brooklyn, Queens and the Bronx, including 6743 Fourth Avenue in Bay Ridge, 82-06 Astoria Boulevard in Jackson Heights and 641 East Gun Hill Road in Olinville.

4. Halcyon Management Days — $225 million
Halcyon Management landed this loan from Wells Fargo for its residential project at 37 West Street and 65 Private Drive in Greenpoint, according to PincusCo. The development firm also plans a 14-story, 92-unit building and a 33-story, 410-unit building at 37 West Street.

5. Rock, Rock, Rockaway Parkway — $142 million
Madison International Realty and Urban American landed this loan from MetLife for part of a multifamily portfolio. The loan encompasses seven properties in Brooklyn and Queens: 1625 Rockaway Parkway in Canarsie, 170 North 5th Street in Williamsburg, and 25-21 31st Avenue, 29-07 31st Avenue, 30-95 29th Street, 31-49th 29th Street and 25-74 33rd Street in Long Island City.

6. Waterloo Sunset Park — $117.6 million
Salmar Properties received this refinancing from Blackstone Group for its 1.1 million-square-foot warehouse at 850 3rd Avenue in Sunset Park. The loan replaced $30 million from Goldman Sachs that Salmar received when it bought the property in 2011 for $9.4 million. The eight-story building is known as Liberty View Industrial Property. Salmar recently received permission from the city to lease more space in it to commercial office tenants after originally pledging to set aside 85 percent of it for manufacturing tenants. Three elected officials fired off a letter in response.

7. Jacob’s Ladder Capital — $90.5 million
Ladder Capital Finance provided L3 Capital this package for its purchase of 16 Williamsburg parcels on North 7th Street, North 6th Street, Kent Avenue and Berry Street. Tenants at the retail properties include Rosarito Fish Shack and a Madewell pop-up store. L3 started to put the mixed-use portfolio together in 2015 and has since repositioned most of the properties.

8. Dean’s List — $86.8 million
Massachusetts Mutual sent Principal Global Investors nearly $87 million to finance 461 Dean Street in Boerum Hill. Principal purchased the 363-unit rental building in Pacific Park from Forest City Realty Trust in 2018 for $156 million.

9. Myrtle Beach — $85 million
Citi Real Estate Funding extended Madison Realty Capital this loan for its Brooklyn properties at 490 and 504 Myrtle Avenue in Clinton Hill. The building at 490 stands seven stories tall with 93 residential units, while the latter has eight stories and 143 residential units.

10. M&TF Cornerstone — $82.75 million
January’s list closes out with a mortgage loan from M&T Realty Capital for TF Cornerstone’s purchase of 250 North 10th Street in Williamsburg. The development firm bought the 234-unit property for $137.75 million, which was more than $30 million less than the seller, Nuveen, paid for it about five years ago. The six-story property spans 150,000 square feet. TF Cornerstone partnered with Trinity Place Holdings on the purchase.