These were the top outer-borough real estate loans in October
A $250M loan for Dock 72 at the Brooklyn Navy Yard topped the list
Where have you gone, Madison Realty Capital?
After appearing on the list of top 10 outer borough loans a total of four times in August and September, Madison Realty Capital was nowhere to be seen on October’s list. In fact, not a single lender appeared on the list twice. It was instead dominated by geography, with projects in Downtown Brooklyn taking three of the top 10 spots.
Brooklyn dominated the list overall, grabbing seven of the top 10 spots and all of the top five, while the Bronx took two and Queens took one. The full list of top 10 loans is as follows:
1. In the Navy – $250 million
Rudin Management and Boston Properties topped October’s list of outer borough loans by securing $250 million from JPMorgan Chase, M&T Bank and U.S. Bank for their tech-focused office building at Dock 72 in the Brooklyn Navy Yard. The building will span 675,000 square feet, and the anchor tenant will be WeWork, which will lease 222,000 square feet of space. Rudin and Boston Properties acquired a 99-year lease for the property in 2015, and their project is part of a massive redevelopment of the area spanning 4.5 million square feet.
2. Rise from the Ashland – $217.5 million
The number two spot on the list went to Gotham Organization and the Actors Fund, which received a $217.5 million loan for their development of the Ashland, a 586-unit residential building at 250 Ashland Place standing 53 stories tall. The Downtown Brooklyn project was completed in 2016, and the loan consolidates previous debt on the site with a new loan for $42.5 million. Rents at available apartments range from $2,520 to $4,771, according to the project’s website.
3. CIM City – $111 million
Another Downtown Brooklyn building was at number three on the list. Barclays and Citigroup gave CIM Group a 10-year, fixed-rate $111 million loan to buy a 38-story office tower at 16 Court Street. The Los Angeles-based private equity firm closed on its $171 million purchase of the building in October. The building spans 317,600 square feet and was 94 percent occupied as of August with tenants including the City University of New York and the software firm Maker’s Row.
4. Funds with Benefits – $81 million
Benefit Street Partners Realty Trust loaned Toby Moskovits’ Heritage Equity Partners $81 million to refinance her 193-unit rental building at 564 St. John’s Place in Crown Heights. Moskovits’ company bought a controlling stake in the project in 2014 with a $23.5 million Madison Realty Capital loan, and the project, also known as the Frederick, opened earlier this year.
5. Apollo 67 – $67 million
Apollo Commercial Real Estate Finance gave developers Aleksander Goldin and Thomas Anderson of Anderson Associates a $67 million loan for their pair of residential buildings at 33-31 Lincoln Road and 510 Flatbush Avenue in Prospect-Lefferts Gardens. The loan consolidates a new $29 million mortgage with previous debt on the properties and is meant to get the developments from construction financing to a permanent loan. The Lincoln Road building has 90 units, and the Flatbush Avenue building has 51 units. Both contain 70 percent market rate housing and 30 percent affordable housing.
6. LICondos – $62.3 million
Queens makes its first appearance on the list with Deutsche Bank’s $62.3 million loan to CBSK Ironstate for its condo development at 21-30 44th Drive. The loan is part of a larger financing package that also includes $21.1 million of preferred equity from Canyon Partners Real Estate. The project near Court Square will include 85 units and stand eight stories tall.
7. In The (University) Heights – $61.4 million
The Bronx debuts on the list with the New York Community Bank’s $61.4 million loan to Eric Miller for his building at 2542 University Avenue in University Heights. The majority of the loan is to refinance existing debt on the property, but it also includes about $1.34 million in new financing, according to The Bronx Times. The residential building stands five stories tall and contains 56 units of housing, according to StreetEasy.
8. DoBro Domination – $58 million
Downtown Brooklyn makes its third and final appearance on the list with a $58 million loan from Wells Fargo to the Brodsky Group. The loan is for Brodsky’s properties at 7 Dekalb Avenue and 70 Fleet Street. Brodsky spent $100 million to obtain a majority stake in 7 Dekalb Avenue over the summer.
9. Affordabird Housing – $54.3 million
The New York State Housing Finance Agency loaned Thorobird $54.3 million for its Bronx properties at 2195 Morris Avenue, 225 East 179th Street and 220 East 178th Street. Thorobird is planning to build two 12-story affordable housing buildings at the East 178th and East 179th Street sites, according to New York YIMBY. The East 178th Street building will contain 52 apartments and a medical office space, while the East 179th Street building will contain 37 apartments.
10. Arbor Day – $42 million
Arbor Realty Trust loaned Prime Group Holdings $42 million for its self-storage facility at 1098 Rockaway Avenue. The property spans 82,862 square feet, and Prime Storage Group bought it earlier this year for $53 million from Madison Development.