Bank OZK dominated Manhattan’s top real estate loans in February

Chetrits, Gary Barnett, ESRT among the beneficiaries of the month’s biggest debt deals

New York /
Mar.March 11, 2022 07:00 AM

(Extell, Ritz Carlton, Gryffindor, CC BY-SA 3.0, via Wikimedia Commons)

After years of legal wrangling, Gary Barnett’s Extell Development is moving forward with its planned condo tower near Lincoln Center. And he has a new lender to prove it: Bank OZK took over the senior debt on the project with $212 million in new proceeds.

The prolific lender from Little Rock, Arkansas, also took over construction debt at the Ritz-Carlton Hotel and Residences in Nomad and a hotel and condo building at 5 Beekman Street in the Financial District.

Elsewhere, the Chetrits refinanced the former Standard Oil building downtown, and Larry Silverstein secured financing for his firm’s acquisition of a 400-unit apartment building in the Financial District for $248 million.

Below are more details on the 10 biggest real estate loans recorded in Manhattan in February, which totaled $1.6 billion — more than double the amount recorded in February 2021, but less than half of January’s $3.6 billion.

1. Bank OZK takes over | $400 million

Gary Barnett’s Extell Development received $400 million in loan proceeds from Bank OZK, including $212 million of new debt, for its condo tower at 50 West 66th Street on the Upper West Side. Total financing for the 775-foot tower comes to $967 million, the Commercial Observer reported. Bank OZK will replace French bank Natixis as the senior lender on the project.

2. Standard spoils | $290 million

The Chetrit Organization received $290 million in loan proceeds, including $70 million in new debt, to refinance its 19th-century office building at 26 Broadway. The total financing package, led by Bank of Montreal and Starwood Mortgage Capital, will be sold to CMBS investors as bonds and amounts to $330 million. The 840,000-square-foot building was constructed for John D. Rockefeller’s Standard Oil trust in 1885.

3. Big as the Ritz | $200 million

Bank OZK also took over construction debt at the Ritz-Carlton Hotel and Residences at 1185 Broadway in NoMad with a $200 million refinance loan. Atalaya Capital Management originated the construction loans in 2018. Singapore’s United Overseas Bank holds the senior debt. Paul Kanavos’ Flag Luxury Group developed the hotel.

4. Empire state of mind | $183 million

Empire State Realty Trust received $183 million in loan proceeds for its $307 million purchase of two apartment buildings: the Victory, at 561 10th Avenue, and 345 East 94th Street. The properties have a combined 625 units. The seller, Fetner Properties, retains a 10 percent interest in the buildings. The New York State Housing Finance Agency holds the debt.

5. Wet the Beekman | $130 million

Bank OZK took over lending at a hotel and condo building at 5 Beekman Street in the Financial District with a $130 million loan to GFI Capital Resources Group. The loan includes $5 million in new debt. M&T Bank was the prior lender.

6. Silver lining | $130 million

A subsidiary of insurance giant AIG took over lending at 116 John Street with a $130 million refinance loan as part of Larry Silverstein’s $248 million purchase of the 400-unit apartment building in the Financial District. The loan replaced debt held by Brookfield Property Partners.

7. All Gucci | $68.5 million

German lender Deutsche Pfandbriefbank issued a $68.5 million refinance loan, including $6.4 million in new debt, to a foreign buyer who purchased 375 West Broadway in Soho for $130 million. The building houses a 10,000-square-foot Gucci store beneath 60,000 square feet of office space. The loan replaces debt held by North Carolina-based Truist Bank.

8. Stock bridge capital | $61.4 million

Ofer Yardeni’s Stonehenge Partners used a $61.4 million  loan from San Francisco-based Stockbridge Capital Group to purchase the Cole, a 163-unit apartment building at 354 East 91st Street on the Upper East Side, for $128.2 million. The loan from Stockbridge will repay a $64.1 million CMBS loan issued in 2017.

9. Write down | $60.2 million

Bank of Montreal issued loan proceeds of $60.2 million to consolidate $79 million of debt on a condo building with a checkered financial history at 45 John Street in the Financial District and a 120,000-square-foot shopping center at 2109-2127 Emmons Avenue in Sheepshead Bay, Brooklyn. The loan replaces debt held by Loancore Capital and Signature Bank, respectively. Documents tie ownership of the properties to real estate investor Alexander Levin.

10. Check please | $60 million

Hubb Properties received $60 million in loan proceeds, including $15.9 million in new debt, from Metlife Real Estate Lending to refinance its recent acquisition: a 141-unit rental and retail building at 56 West 125th Street in South Harlem. Hubb bought the building from developer Jay Group last September for $105 million.





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