The top outer borough loans were smaller than usual last month–not too surprising, given that April was the first full month of the year when the real estate community had to grapple with the coronavirus pandemic.
The top 10 loans were worth about $689 million overall, significantly smaller than March’s total of about $852 million, February’s total of about $840 million and January’s total of about $2.1 billion. The largest deal for April was $198 million for a TF Cornerstone project in Long Island City.
Overall, the top loans for April included five Queens projects, three Brooklyn projects and two Bronx projects. No Staten Island loans made the cut last month.
The full list of top 10 outer borough loans for April is as follows:
1. Empire State of Mind — $198 million
TF Cornerstone landed $198 million from PNC Bank and Empire State Development Corp. for its project at 47-20 Center Boulevard in Long Island City. The package is split between about $160 million from Empire State Development and $37.8 million from PNC Bank, according to PincusCo. The luxury residential building stands 32 stories tall with 498 units and is part of the Center Boulevard complex, according to StreetEasy data.
2. Brooklyn Ratner — approx. $151 million
Bruce Ratner’s family landed a roughly $151 million refinancing deal from Helaba for a portfolio of 13 multifamily buildings in Brooklyn. The properties contain 296 residential units overall and there was about $144 million of existing debt on them, according to PincusCo.
3. Innovotion — $83 million
Andrew Chung’s Innovo Property Group and Square Mile Capital received $83 million from Bank OZK for 2505 Bruckner Boulevard, an industrial development in The Bronx spanning 1 million square feet. Innovo and Square Mile bought the site from Extell Development in 2017 for about $75 million and intend to build a two-story warehouse on the site that they plan on leasing to e-commerce companies. The project should cost between $300 million and $500 million overall.
4. Key Largo Investments — $54 million
Largo Investments received a $54 million construction loan from Maxim Credit Group for 215 North 10th Street in Williamsburg. The company is planning to build a six-story, 31-unit building on the site spanning about 65,000 square feet, split between about 34,000 square feet of residential space and 31,000 square feet of commercial space, according to the Department of Buildings.
5. A Day at the Beechwood — $41 million
The Beechwood Organization and The Benjamin Companies landed $41 million from Capital One for 190 Beach 69th Street by Rockaway Beach. The project is known as The Tides at Arvene by the Sea, and it stands seven stories tall with 127 units, according to StreetEasy.
6. Chutes and Ladder Capital — $39.5 million
Ladder Capital loaned Mendel Roth $39.5 million for a trio of Brooklyn properties in Williamsburg. The properties contain 86 residential units, and the financing includes an $11.2 million gap loan, according to PincusCo.
7. The Fresh Prince Street — $32 million
Shanghai Commercial Bank provided F&T Group with a $32 million loan for 133-42 39th Avenue in Flushing. The address is home to the Hyatt Place Flushing/LaGuardia Airport hotel, which contains 168 rooms.
8. (Sittin’ On) the Dock of the Bayrock — approx. $31.3 million
Bayrock Capital received about $31.3 million from Merchants Capital to refinance three properties in Queens. The properties include a three-story, 42-unit building at 202-05 Jamaica Avenue and a three-story, 91-unit building at 201-11 Jamaica Avenue.
9. Sterling Reputation — $30 million
Sterling National Bank loaned JCAL Development and Altmark Group $30 million for 329 East 132nd Street in The Bronx. The 91-unit project is known as Bridgeline Apartments, and the loan allows JCAL and Altmark to retire about $27.6 million of financing that they received two years ago from KeyBank, according to Commercial Real Estate Direct.
10. Popularity Contest — $29 million
April’s list closes out with a $29 million loan from Popular Bank to MT Capital Group for 64-11 Beach Channel Drive by Rockaway Beach. The property is a nursing home known as Horizon Care Center. It stands six stories tall and spans about 88,000 square feet, according to the city.