Huge loan for Google campus was Manhattan’s largest in May

Construction loan is for Oxford Properties Group’s St. John’s Terminal

New York /
Jun.June 05, 2020 08:00 AM
St. John’s Terminal, 498 Seventh Avenue and 666 West End Avenue (COOKFOX Architects, Google Maps)

St. John’s Terminal, 498 Seventh Avenue and 666 West End Avenue (COOKFOX Architects, Google Maps)

The 10 largest Manhattan loans recorded in May totaled $1.37 billion, an 85 percent increase from April but less than half of March’s total.

About 45 percent of that sum came from the largest deal, a massive syndicated construction loan for Oxford Properties Group’s St. John’s Terminal that had been in the works since February.

Here are the borough’s largest real estate loans for May:

1) Terminal turnaround | $604 million (senior portion of $973 million package)
The syndication of nearly $1 billion in construction financing for Oxford Properties Group’s redevelopment of St. John’s Terminal, which kicked off in February when Wells Fargo was selected to lead the deal, closed in early May. TD Bank, J.P. Morgan and four other banks also participated in the deal. Google, the sole tenant, selected the site in 2018 as part of an expansion plan and is set to move in in 2022.

2) MetLife mortgage | $400 million
MetLife refinanced the 960,000-square-foot office building at 498 Seventh Avenue in the Garment District, which is owned by George Comfort & Sons, Loeb Partners Realty and J.P. Morgan Asset Management. The new debt replaces a $200 million CMBS loan provided by Deutsche Bank in 2011.

3) Stellar performance | $119 million
Stellar Management secured this loan from Signature Bank to refinance the 23-story, 355-unit rental building at 666 West End Avenue, also known as the Windermere. The new loan replaced $110 million in debt first provided by New York Community Bank in 2014.

4) Legion loan | $70 million
ACORE Capital provided this loan to Legion Investment Group for a planned condo project at 109 East 79th Street on the Upper East Side. The developer, led by former Naftali Group CIO Victor Sigoura, filed plans last year for a 19-story, 145,000-square-foot development on the site with 36 condo units. The new debt replaces a $55.5 million acquisition loan Seven Valleys provided last year.

5) Penthouse payday | $50 million
Hedge-fund billionaire Daniel Och received this 30-year mortgage from Citibank for a penthouse unit at 220 Central Park South acquired for $92.7 million in December. The four-bedroom apartment spans about 9,800 square feet. Och founded Och-Ziff Capital Management — now rebranded as Sculptor Capital Management — and stepped down as CEO in 2018.

6) Windsor and lender | $41 million
John Hancock Life Insurance provided a $40.7 million refinancing to Windsor Tower, a 799-unit co-op at 5 Tudor City Place. The 25-story building was built in 1929 and is one of the largest towers in the 13-building Tudor City apartment complex in Turtle Bay.

7) Zuck from State Farm | $30 million
The Zucker Organization landed a $30.2 million refinancing from State Farm Realty Mortgage for 520 Broome Street (a.k.a. 55 Sullivan Street), a nine-story, 39-unit rental building with retail and storage condominium units. The retail space at the building is home to a Janovic Paint & Decorating Center.

8) K-Town collateral | $21 million
The owner of the Hotel Stanford at 43 West 32nd Street in Koreatown, Joong Gab Kwon, secured a $20.5 million refinancing for the property from KEB Hana Bank. The new debt replaced prior financing provided by Bank Hapoalim in 2015. The 12-floor, 124-key hotel has been owned by the Kwon family since at least the 1980s, according to property records.

9) Uptown edge | $18 million
Sterling National Bank provided an $18.3 million refinancing for Edge Property Group’s Edge Hotel at 514 West 168th Street in Washington Heights, replacing prior financing provided by Signature Bank. The 11-story, 54-key hotel was built in 2014.

10) Forty-Fifty financing | $18 million
The 40-50 East 10th Street cooperative secured this financing from Bank of New York Mellon for its 10-story, 111-unit building. The Greenwich Village co-op building was constructed in 1929 and converted in 1963.


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