The 10 largest outer-borough real estate loans in February totaled $1.31 billion — 56 percent more than the top 10 did a year ago, in the final month before the pandemic slammed New York City.
It’s a small sample size, and the total does not necessarily reflect outer-borough lending on the whole, so take the increase for what it’s worth. The total was 5 percent less than January’s but 12 percent more than December’s.
The 10 largest loans included six in Brooklyn, three in Queens and one — the month’s largest — in the Bronx. Among them were a leasehold mortgage for a hotel development and a condo inventory loan. Some borrowers are using loans to weather the pandemic downturn.
1) Bank loan for Bankside | Bronx | $190 million
Brookfield Properties secured a $190 million loan from Goldman Sachs for its massive Bankside project on the South Bronx waterfront. The loan consists of $140 million for construction of the 1,350-unit development on 4.3 acres on both sides of the Third Avenue Bridge in Mott Haven and a $50 million senior mortgage.
2) Stellar performance | Brooklyn | $113 million
Stellar Management landed this refinancing for the nearly 200-unit rental project OTTO Greenpoint. The eight-story (“otto” … get it?) building was developed at 211 McGuinness Boulevard in Greenpoint. The five-year loan was issued by New York Community Bank to retire existing construction debt.
3) Bevelled LIC | Queens | $98 million
Rabsky Group nabbed this loan from Arbor Realty Trust for the Bevel luxury apartment complex at 42-22 27th Street, Long Island City. The 18-story, 202-unit building was originally planned as 99 units.
4) Bet on warehouse | Brooklyn | $75.4 million
Thor Equities secured this construction loan for its project to develop a 312,000-square-foot warehouse at 280 Richards Street in Red Hook. Amazon has signed a 20-year lease for the property. Issued by Athene Annuity and Life Company, the loan will be converted into a permanent loan upon completion of construction.
5) Extending shelf life | Brooklyn | $63.7 million
The developers of a condo complex at 111 Montgomery Street in Crown Heights, CIM Group and LIVWRK, secured this inventory loan for 157 units from Oaktree Capital Management. In 2018, the developers projected a $150 million sellout for the 163 units at the complex. Proceeds from the loan will pay off existing construction and project loans issued by Bank OZK.
6) LaGuardia landing | Queens | $55.4 million
California-based private equity firm ASAP Holdings secured this mortgage to finance its purchase of New York LaGuardia Airport Marriott at 102-05 Ditmars Boulevard and an adjacent development site. The loan was issued by Bridge Debt Strategies, an affiliate of Bridge Investment Group. The recorded sale prices were $86.6 million for the 443-key hotel and $17 million for the 1.5-acre site.
7) College to residential | Brooklyn | $43.2 million
Property Resources landed on a $43.2 million construction loan from Pacific Western Bank for its project to redevelop a former St. John’s College site at 71-88 Lewis Avenue in Bedford-Stuyvesant into a 205-unit apartment complex. The developer secured a ground lease for the 2-acre lot from the Roman Cathoric Church of St. John the Baptist. St. John’s College was renamed St. John’s University in 1933.
8) Conversion in progress | Brooklyn | $39.9 million
Long Island-based Barry Leon took out this loan from Fort Amsterdam Capital for the multifamily property at 475 Washington Avenue in Clinton Hill. Since 2018, the developer has been converting the property’s 60 rental apartments into condominiums.
9) Watermark refi | Queens | $39 million
Twining Properties, in partnership with Principal Real Estate Investors, secured this loan for Watermark LIC, a 168-unit rental complex at 27-19 44th Drive in Long Island City. The loan was issued by Metlife Real Estate Lending.
10) Sheltering hotel | Brooklyn | $35.8 million
GFI Capital Resources Group secured this loan from iStar against its leasehold position of the 285-key Ace Hotel development at 61 Bond Street, while simultaneously selling the ground underneath the development for $45 million to iStar.