In TRD’s latest ranking, which tracked loans issued throughout the five boroughs between July 2018 and June 2019, traditional lenders dominated both construction and nonconstruction debt deals.
Nonbank lenders — including life insurance and private equity firms, debt funds and CMBS shops — did not rank highly, in part because many of them specialize in mezzanine deals, which were not tracked by TRD.
But the ranking revealed that construction lending fell far short of nonconstruction lending, a factor exacerbated by the market nearing the end of a prosperous cycle. The top 15 nonconstruction lenders collectively issued $47.37 billion in loans, compared to just $12.24 billion issued by the top 15 construction lenders.
“On the construction side, there’s certainly fewer projects because the condo market in New York is challenged right now,” said Dustin Stolly, co-head of Newmark Knight Frank’s debt and structured finance division. “There’s not the same pipeline that there was two or three years ago in the cycle.”
NYC’s Top 15 Construction Lenders
|Rank||Firm||Total Dollar Volume||no. of Loans|
|8||S3 Capital Partners||$632.6M||62|
|10||United Overseas Bank||$600.7M||3|
|12||Bank of China||$543M||4|
|13||Madison Realty Capital||$519M||11|
|15||Bank of America||$457.8M||3|
NYC’s Top 15 Nonconstruction Lenders
|Rank||Firm||Total Dollar Volume||No. of Loans|
|4||New York Community Bank||$4.91B||681|
|7||Bank of America||$3.0B||115|
|10||Capital One Bank||$1.90B||201|
|11||Bank of China||$1.68B||6|
|12||First Republic Bank||$1.56B||261|