UPDATED, 10:05 a.m., Oct. 31: Madison Realty Capital did not dominate the top secured outer borough loans in September the way it did in August, but the firm still topped the list with a $267 million loan recorded last month and provided to Fortis Property Group for the redevelopment of the former Long Island College Hospital site. This was almost twice as much as the next highest loan in September, although it was also the only appearance Madison made on the list this time around.
Brooklyn dominated the list, taking seven of the top 10 spots, while Queens nabbed two spots, and the Bronx grabbed one. The Real Deal analyzed loans recorded last month in New York City property records to determine the ranking. Mezzanine debt or equity, which is not recorded, was not included. The full list is as follows:
1. Return of the Madison – $267 million
Fortis Property Group secured a $267 million loan from Madison Realty Capital to finish constructing their trio of Brooklyn residential buildings at 350 Hicks Street, 95 Pacific Street and 249 Henry Street. Fortis filed plans for the three buildings last year, which are part of their development known as River Park. It features a total of 172 luxury condos, 325,000 sellable square feet, 66,900 square feet of community space and 328 parking spots. Although previous reports identified the loan as being worth $297 million, mezzanine debt accounts for the $30 million difference.
2. Sandstorm – $140 million
AllianceBernstein loaned Aby Rosen’s RFR Realty $140 million to purchase the former Jehovah’s Witnesses’ residential hotel at 90 Sands Street in DUMBO, one of many Brooklyn properties the church has recently sold. The building spans 400,000 square feet and is part of a six-building portfolio the religious group went into contract in 2013 to sell to RFR, Kushner Companies, LIVWRK and Invesco. However, RFR ended up closing the deal for 90 Sands by itself.
3. Virtue and Vice – $100 million
Wells Fargo loaned Two Trees Management $100 million to refinance its office building at 55 Washington Street in Dumbo, where Vice Media occupies about 74,000 square feet. Other tenants in the 448,300-square-foot building include Equinox and Flocabulary. The loan includes a $54 million mortgage and consolidates previous debt on the property.
4. Senior living in Fort Greene – $75 million
Banco Popular granted healthcare facility operator CareRite Centers a $75 million mortgage on its Fort Greene facility at 140 St. Edwards Street. The property is the site of the Phoenix Rehabilitation and Nursing Center, which stands 11 stories tall and holds 400 beds, according to Real Estate Weekly.
5. Werber’s millions – $61.5 million
Principal Life Insurance Company loaned Werber Management $61.5 million for five buildings in Jackson Heights. Addresses include 37-44 72nd Street and 37-46 72nd Street. The loans consist of a roughly $52 million building loan and a roughly $10 million project loan.
6. Christmas in Hollis (and Jamaica) – $54.5 million
New York Community Bank loaned Zara Realty $54.5 million for a portfolio of five residential buildings in Queens spread throughout Hollis and Jamaica. The quintet of six-story buildings is at 88-25 148th Street, 88-09 148th Street, 91-59 191st Street, 191-11 Woodhull Avenue and 148-48 88th Avenue, and they contain 354 units in total, according to Real Estate Weekly.
7. Movie night – $54 million
Innovo Property Group and Square Mile Capital got a $54 million loan for their purchase of the closed Whitestone Multiplex Cinemas site at 2505 Bruckner Boulevard in the Bronx. The theater closed in 2013, and Innovo and Square Mile plan to demolish it and expand the site’s parking lot to 630,000 square feet. They are also considering developing up to 740,000 square feet of industrial space to lease to e-commerce companies for deliveries.
8. Fit for a king – $44 million
Santander Bank loaned Kings Village Cooperative $44 million, which almost doubles the debt on the property. The complex is located on the outskirts of Brooklyn in the borough’s Flatlands neighborhood.
9. Feelin’ so fly like a G4 – $40.5 million
Bruman Realty received a $40.5 million construction loan from G4 Capital Partners for their Greenpoint project at 1050-1066 Manhattan Avenue and 154 Eagle Street. Investor Joseph Brunner applied for permits for the project last April, which consists of a 90-unit mixed-use residential development. The building will include a rooftop recreation area for tenants and also likely feature ground-floor retail.
10. Emigrant song – $37.7 million
Another Jehovah’s Witnesses building closed out September’s list of the top 10 outer borough loans, with Emigrant Bank’s $37.7 million loan to Hawkins Way Capital for 97 Columbia Heights. The Los Angeles-based realtor bought the 12-story 97-unit residential building for $58 million shortly after buying another Witnesses’ building at 119 Columbia Heights for $18 million.
| Largest outer borough loans recorded in September 2017 | |||||
|---|---|---|---|---|---|
| Rank | Address | Loan amount | Borrower | Lender | Neighborhood |
| 1 | 350 Hicks Street, 95 Pacific Street and 249 Henry Street. | $267 million | Fortis Property Group | Madison Realty Capital | Cobble Hill |
| 2 | 90 Sands Street | $140 million | RFR Holding | AllianceBernstein | Dumbo |
| 3 | 55 Washington Street | $100 million | Two Trees Management | Wells Fargo | Dumbo |
| 4 | Phoenix Rehabilitation and Nursing Center at 140 St. Edwards Street | $75 million | CareRite Centers | Banco Popular | Fort Greene |
| 5 | 37-44 72nd Street, 37-46 72nd Street and three other addresses | $61.5 million | Werber Management | Principal Life Insurance Company | Jackson Heights |
| 6 | 88-25 148th Street, 88-09 148th Street, 148-48 88th Avenue, 191-11 Woodhull Avenue, 91-59 191st Street | $54.5 million | Zara Realty | New York Community Bank | Hollis, Jamaica |
| 7 | Whitestone Multiplex Cinemas at 2505 Bruckner Boulevard | $54 million | Innovo Property Group, Square Mile Capital | Granite Point Mortgage Trust | Westchester Village |
| 8 | Kings Village Cooperative at 1165 East 54th Street and four other buildings | $44 million | Kings Village Cooperative | Santander Bank | Flatlands |
| 9 | 1050-1066 Manhattan Avenue and 154 Eagle Street | $40.5 million | Bruman Realty | G4 Capital Partners assigned to BofI Federal Bank | Greenpoint |
| 10 | 97 Columbia Heights | $37.7 million | Hawkins Way Capital | Emigrant Bank | Brooklyn Heights |
| Source: The Real Deal analysis of NYC Dept. of Finance loans recorded in September 2017. Refinance deals with the same lender, mortgage spreader agreements or extensions were not included. | |||||