These were the largest Manhattan real estate loans in June

SL Green’s $510M refinancing of the unsold Daily News building topped the list

New York /
Jul.July 13, 2020 07:00 AM
220 East 42nd Street and SL Green CEO Marc Holliday (Google Maps)

220 East 42nd Street and SL Green CEO Marc Holliday (Google Maps)

The 10 largest Manhattan loans recorded in June totaled $1.32 billion, slightly below May’s total.

The coronavirus pandemic has continued to put a damper on deal making, and the largest loan of the month was in fact a replacement for a prior deal that had been scrapped due to the virus — SL Green’s planned $815 million sale of the Daily News building to Jacob Chetrit.

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

1) News cash – $510 million
SL Green Realty secured a $510 million mortgage from a lending group led by Aareal Capital Corp, Citi and Credit Agricole for the News building at 220 East 42nd Street. The landlord had acquired the 37-story Art-Deco tower for $265 million in 2003, and entered a contract to sell it for $815 million last fall, before the coronavirus froze CMBS markets and held up financing for the deal. Proceeds from the loan were used to pay down SL Green’s revolving credit facility.

2) Lendlease loan – $250 million
MassMutual affiliate Barings LLC provided a $250 million construction financing package to Ron Moelis’ L+M Development Partners and Lendlease, for their planned 42-story tower at 100 Claremont Avenue in Morningside Heights. The project, which will be attached to Columbia University-affiliated Union Theological Seminary, includes 165 market-rate condominiums and about 54,000 square feet for classrooms, administrative and faculty offices. Completion is slated for 2023.

3) BofA these notes – $171 million
Brookfield Properties landed a $171 million financing package from Bank of America for the office building at 1100 Avenue of the Americas, which consisted of two notes — a $93.4 million building mortgage and a $77.6 million project loan for renovations that include a glass recladding. Bank of America is also the main tenant at the building, which is just north of Bryant Park and across the street from the Durst Organization’s One Bryant Park, also known as the Bank of America Tower.

4) Nordic model – $100 million
Klövern AB and GDS Development Management financed their acquisition of a co-op building at 417 Park Avenue in Midtown East with a $100 million mortgage, which will back an upcoming bond issuance in Klövern’s home country of Sweden. The partners, which are working on three other Manhattan office projects, acquired the property for $184 million in February by buying out all 29 co-op unit owners.

5) Prudential to Prudential – $74 million
Prudential Annuities Life Assurance Corporation provided a $74 million refinancing for two rental properties at 210 and 220 East 22nd Street, which include a total of 210 residential units. The borrower, PGIM Real Estate, is an affiliate of Prudential Financial. The new financing replaces a prior $75 million loan provided by Nationwide Life Insurance Company in 2018

6) Dormitory debt – $68 million
Nonprofit company Educational Housing Services, New York City’s largest student housing firm, secured a $68 million mortgage for a 17-story property at 55 John Street, which is used as a dormitory by Pace University and can house a maximum of 499 students. EHS acquired the property from Tessler Developments last September for $101 million.

7) Apple and mortgages – $41 million
The Hakimian Organization secured mortgages totalling $41 million from Apple Bank for Savings for two Manhattan rental properties: a $25 million mortgage for the 96-unit 184 Lexington Avenue in Kips Bay, and a $15.5 million mortgage for the 73-unit 460 West 20th Street in Chelsea. Both loans replaced prior debt provided by Sovereign Bank in 2011.

8) Fruchthandler finance – $38 million
Signature Bank provided a $38 million refinancing to FBE Limited for four adjacent six-story elevator buildings at 60-68 West 107th Street, which include a total of 100 residential units. The Fruchthandler family firm acquired the properties for $52 million in 2017, financing the acquisition with a $38 million loan from Acore Capital.

9) Apple and mortgages, part 2 – $35 million
The 15 West 72nd Street Owners Corporation refinanced its eponymous 493-unit co-op building with a $35 million loan from Apple Bank for Savings, replacing a prior $25 million loan Valley National Bank provided in 2013. The 36-story property, also known as Mayfair Towers, was built in 1964 and is steps away from Central Park.

10) Luxury lending – $29 million
Once again, in a sign of how much the lending market has slowed in recent months, a residential mortgage found its way into the top 10 for June. The anonymous buyer of unit 63 at Vornado’s 220 Central Park South landed a $29 million mortgage from JPMorgan Chase for the apartment, months after closing on the $54 million purchase.


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