Though July’s biggest real estate loan in the outer boroughs was well eclipsed by the largest loan the previous month, the overall value of the top 10 loans was up 7 percent month-over-month, to just shy of $700 million.
According to an analysis of top outer-borough loans by The Real Deal, the largest recorded loan in July was for Moinian Group’s PLG, a rental complex in Prospect Lefferts Gardens. Moinian scored $170 million from American International Group for the 467-unit project. Brooklyn rounded out the top three, with a Red Hook industrial development nabbing $131 million and the Naftali Group’s waterfront redevelopment project in Williamsburg scoring $76 million.
The full list:
1. Luxury rental in Prospect Lefferts Gardens | $170 million
Subsidiaries of American International Group provided the Moinian Group with $170 million in financing for the developer’s 467-unit rental apartment complex at 123 Linden Boulevard. Bushburg Properties, which is led by Joseph Hoffman, is the co-developer on the project.
2. Square Mile funds last mile | $131 million
Square Mile Capital provided a $131 million loan for a 350,000-square-foot e-commerce development project at 640 Columbia Street next to IKEA in Red Hook. Dov Hertz’s DH Property Holdings, in partnership with Goldman Sachs Asset Management, are developing the site.
3. Williamsburg waterfront | $76 million
HSBC Bank issued a $75.9 million loan for the Naftali Group’s waterfront development site at 470 Kent Avenue in Williamsburg. Miki Naftali’s development firm announced in May that the company purchased the Rose Plaza site at the address for just above $102 million.
4. Queens nursing home | $61 million
Housing & Healthcare Finance provided $61 million for Dry Harbor HRF, which operates Dry Harbor Nursing and Rehabilitation Center at 61-35 Dry Harbor Road in Queens.
5. Leser Group | $53 million
Israeli bondholders issued a $53 million loan for four entities connected to Abraham Leser’s Leser Group. The financing is meant for 13 properties, including six lots located at 1555, 1559, 1563, 1567, 1571 and 1575 61st Street in Brooklyn, where Leser Group has been building a 66-unit residential development.
6. Starwood OZ project | $51 million
A mixed-use project at 425 Avenue in the Bronx, developed by Starwood Capital in partnership with AB Capstone, received $51 million in financing from Centennial Bank. The 10-story building is Starwood’s first Opportunity Zone project and will be anchored by Zeta Charter Schools.
7. Mott Haven ice house | $50 million
Sterling National Bank provided $50 million in financing for the project to transform the shell of the former ice house at 18-22 Bruckner Boulevard in the Bronx into a home for Dream Charter School. Jorge Madruga’s Maddd Equities, developer Eli Weiss and Drew Katz — son of the late newspaper and sports team mogul Lewis Katz — are teaming up to work on the project.
8. Warehouse-office conversion | $38 million
Cheskie Weisz‘s CW Realty received a $38 million loan for its project to convert a three-story, 50,000-square-foot brick warehouse at 61 North 11th Street in North Williamsburg into a retail/office building. The loan was provided by Dime Community Bank.
9. Leser Group | $35 million
Leser Group received $35 million in financing from Madison Realty Capital for seven parcels at 1560, 1574 and 1578 60th Street and 6004, 6010, 6014 and 6020 16th Avenue in Brooklyn.
10. Bed-Stuy deal | $34 million
An entity connected to developer Zelig Weiss received $34 million in financing for two parcels at 376 and 378 Flushing Avenue in Bedford-Stuyvesant. The loan was issued by Be-Aviv 380 Flushing Lender, which is associated with Doron Aviv’s Aviv Group.
Contact Akiko Matsuda at [email protected]