Rockrose’s $350M haul tops March list of outer-borough loans

Long Island City project’s financing easily led the field

New York /
Apr.April 08, 2020 04:45 PM
From left: Eagle Lofts at 43-22 Queens Street in Long Island City, 292 North 8th Street in Williamsburg and The Landing at 15 Bridge Park Drive in Brooklyn Heights (Credit: Rockrose Development, Stonehill & Taylor Architects and StreetEasy)

From left: Eagle Lofts at 43-22 Queens Street in Long Island City, 292 North 8th Street in Williamsburg and The Landing at 15 Bridge Park Drive in Brooklyn Heights (Credit: Rockrose Development, Stonehill & Taylor Architects and StreetEasy)

Financing from Wells Fargo for a Rockrose Development project in Queens was the largest outer-borough loan last month by a huge margin.

The bank lent Rockrose $350 million for its Eagle Lofts development in Long Island City, taking first place on the list by a margin of more than $270 million. The No. 2 loan in March was roughly $77 million from Morgan Stanley to eight Finkelstein Timberger East Real Estate multifamily properties in the Bronx.

The city’s 10 biggest non-Manhattan loans in March went to six projects in Brooklyn, three in the Bronx and one in Queens. No loans for Staten Island projects made the ranking.

The complete list:

1. All’s Well That Ends Wells Fargo — $350 million
Rockrose Development received the loan from Wells Fargo for 43-22 Queens Street in Long Island City, the site of its 790-unit Eagle Lofts development. The financing includes a $95 million gap loan and replaces the $255 million loan Rockrose had received for the project from Bank of America, according to PincusCo. Rockrose purchased the site in 2012 for $48 million.

2. A Bronx Tale — $76.7 million
A trio of Morgan Stanley loans for Finkelstein Timberger East Real Estate’s multifamily portfolio in the Bronx made the list. The largest was about $76.7 million for eight properties in neighborhoods including Concourse, Van Nest, Morris Heights and Fordham. The money refinances prior debt on the properties from Customers Bank and Valley National Bank and is a 10-year, fixed-rate loan, according to the Commercial Observer.

3. I’m RAL — $71.5 million
RAL Development Services received this loan from United Overseas Bank for 15 Bridge Park Drive in Brooklyn Heights. The residential property, known as The Landing at Brooklyn Bridge Park, contains 140 units, according to StreetEasy. The loan is part of a $120 million project loan from Bank OZK to RAL, according to PincusCo. RAL, if you’re wondering, comes from company founder Robert A. Levine, not the text-message acronym for rolling about laughing.

4. A Bronx Tale II — $63.8 million
The second Morgan Stanley loan to FTERE was this package for eight Bronx properties. The buildings are in neighborhoods including Claremont, Fordham, University Heights and Allerton. The 10-year, interest-only loan covers the refinancing of existing debt on the properties, according to the Commercial Observer.

5. Green ACRES — $58 million
ACRES provided The Collective with this loan for its Williamsburg co-living project at 292 North 8th Street. The Collective is partnering with local universities to develop the 11-story property, which would be its third project in Brooklyn and contain 194 beds for students and 127 for nightly or monthly stays, according to the Commercial Observer.

6. A Bronx Tale III — $53.9 million
The third loan from Morgan Stanley to FTERE was for six multifamily Bronx properties totaling 386 units in Morrisania, Morris Heights, Fordham and Allerton. The 10-year loan has a fixed rate of 3.58 percent, according to the Commercial Observer.

7. Don’t Cry For Me Argentic — $52.1 million
Argentic Real Estate Finance lent Jacob Kohn about $52.1 million for nine Brooklyn multifamily properties in Williamsburg, Bushwick and Bedford-Stuyvesant on Troutman Street, Nostrand Avenue, Grand Street, Bushwick Avenue and Lafayette Avenue.

8. Hubba HUBBNYC — $47 million
HUBBNYC landed this loan from TIAA for 123 Hope Street in Williamsburg. The firm is buying the 136-unit mixed-use building from Adam America Real Estate Group for about $83.8 million. The seven-story building spans about 126,000 square feet with 11,190 square feet of retail space and 92 parking spots.

9. Blue Jay Street — $40 million
Bank of America provided Edward J. Minskoff Equities with a $40 million loan for 35 Jay Street in Dumbo. The firm paid $61.5 million to the Forman Group of Companies for the site, which was recently rezoned to accommodate a 200,000-square-foot office building.

10. When Harry Einhorn Met Sally — $39 million
March’s list closes out with loan from Citigroup to Harry Einhorn for 257 15th Street in Park Slope and 297 North 7th Street in Williamsburg. The financing includes $17.7 million of new debt, according to PincusCo.


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