May’s biggest outer-borough loans led by $329M Brooklyn package

David Bistricer’s Clipper Equity got financing from NYCB for Flatbush Gardens

New York /
Jun.June 10, 2020 07:30 AM
Clockwise from top left: 42-10 27th St, Long Island City; Flatbush Gardens, Brooklyn; and 148-10 and 148-18 Guy R Brewer Boulevard, Queens (Google Maps)

Clockwise from top left: 42-10 27th St, Long Island City; Flatbush Gardens, Brooklyn; and 148-10 and 148-18 Guy R Brewer Boulevard, Queens (Google Maps)

Dollar volume for the top-outer borough loans ticked up slightly last month but was still the second lowest total this year.

The 10 largest loans were worth $828 million overall in May, the second full month of strict limits on business activity. That was 20 percent higher than April’s dismal total of $689 million but still lower than the totals for January, February and March.

The largest deal last month was $329 million for Clipper Equity’s Flatbush Gardens, followed by $139 million for a Seagis Property Group project in Queens. None of the other loans for the month cracked the $100 million mark.

May’s 10 biggest loans in the four boroughs outside of Manhattan included seven Brooklyn projects and three Queens projects.

The full list:

1. Clipper Ship | $329 million
David Bistricer’s Clipper Equity received this New York Community Bank loan for its Flatbush Gardens complex in Brooklyn. The 12-year loan paid off the property’s $246 million mortgage — which Clipper received from the same bank in 2018 — and provided Clipper with $78 million in cash to add to its reserves, according to Crain’s. The residential complex features 2,500 largely rent-stabilized apartments across 59 buildings. Clipper bought it for $138.2 million in 2005 through Renaissance Equity Holdings.

2. Parting the Red Seagis | $139 million
Seagis Property Group received this loan from Nuveen for 148-10 and 148-18 Guy R Brewer Boulevard near John F. Kennedy International Airport in Queens. The two-story industrial property spans 13,000 square feet, according to the city.

3. The Merchants Bank of Venice | $65.6 million
Merchants Bank of Indiana lent Camber Property Group $65.6 million for its purchase of eight affordable housing properties in Flatbush. The buildings are located on Linden Boulevard, East 21st Street, East 18th Street and Ocean Avenue. They span about 451,000 square feet and contain 384 residential units overall, according to PincusCo. Camber spent roughly $82 million on the properties and plans to keep all of the residential units affordable.

4. The Lions Group King | $65 million
Lions Group, run by the Shirian family, landed this loan from Greystone for 42-10 27th Street in Long Island City. The residential building is known as One LIC and stands 20 stories tall with 110 apartments, according to StreetEasy.

5. Gandalf the Greystone | approx. $58.4 million
Greystone made its second appearance on the list courtesy of its loan to Center Management Group for a nursing home at 155 Dean Street in Boerum Hill. The facility, known as the Hopkins Center for Rehabilitation and Healthcare, contains 288 residential units across 135,000 square feet, according to PincusCo.

6. Fortis Knox | $40 million
An affiliate of Fortis Property Group received this loan from People’s United Bank for the Buena Vida Continuing Care and Rehabilitation Center at 48 Cedar Street in Bushwick. The facility opened in 2001 and contains 240 beds. It stands eight stories tall and spans 131,650 square feet, according to the city.

7. Silicon Valley National Bank | $38 million
Valley National Bank lent Joseph Banda $38 million for 199 Montrose Avenue, a multifamily project in Williamsburg. The financing includes an $18 million gap loan. The Department of Buildings issued a temporary certificate of occupancy for the 55-unit project in December.

8. Perfect 10th Street | approx. $35.1 million
Rabsky Group landed this loan from Berkadia Commercial Mortgage for the Driggs, the firm’s luxury rental building at 220 North 10th Street in Williamsburg. The six-story building contains 234 rental units, with rents ranging from $2,860 for a one-bedroom to $5,723 for a three-bedroom, according to StreetEasy.

9. Daycare Dollars | $32.5 million
The Yeled V’Yalda Early Childhood Center landed this loan from Citibank for its main office and learning center on 38th Street in Borough Park. The center offers programs including Head Start, special education services and mental health services.

10. United We Build | $25 million
The final loan for June went to Chris Xu’s United Construction and Development Group. The loan from Bank Hapoalim is for 131-01 Roosevelt Avenue, part of a development site in Flushing for which Xu went into contract in 2016 for more than $100 million.


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