New York City’s major real estate lenders have headed west, where builders with completed and under-construction projects alike are scoring 10-figure sums. In April, there were two loans of more than $1 billion recorded in Hudson Yards. Altogether, the 10 largest financings in Manhattan that month totaled $4.2 billion. See the full list below:
1) A different kind of debt spiral – $1.22 billion
In one of the largest construction financing deals ever, Tishman Speyer secured a $1.8 billion loan for the Spiral, its Hudson Yards office tower at 508 West 34th Street. A $1.2 billion portion of that debt from the Blackstone Group was recorded in public records last month. The future building will be anchored by pharmaceutical company Pfizer, which agreed to take 800,000 square feet.
2) Western expansion – $1.15 billion
Brookfield Property partners refinanced a $570 million loan on its 5 Manhattan West office building with a $1.15 million loan from Landesbank Baden-Wurttemberg. Tenants at the recently overhauled property include JPMorgan Chase and Amazon, which recently inked a 360,000-square-foot lease in September.
3) Cabrini, revisited – $280 million
Chetrit Group, Clipper Equity and Read Property Group got a new injection of debt for their redevelopment of the Cabrini Medical Center in Gramercy Square. SL Green Realty provided the developers with a $380 million refinancing, $280 million of which was recorded in April. Iron Hound Management Company brokered the deal. The partners are converting the buildings on the site to luxury condominiums and are set to launch sales soon.
4) Lendin’ on the Ritz – $280 million
Westbrook Partners refinanced the Ritz Carlton hotel at 50 Central Park South with a $280 million loan. A consortium of banks led by Delaware Life Insurance Company and Korean lender Nonghyup Bank provided the debt. Westbrook acquired a controlling stake in the hotel in 2012, paying $105 million, and is planning to renovate the property.
5) Essex Crossing construction – $260 million
Many months after talks first began, developer Taconic Investment Partners closed on a $260 million construction financing for the office component of its Essex Crossing development. Square Mile Capital Management originated the debt. Taconic — in partnership with BFC Partners, L+M Development Partners and Goldman Sachs — has $1.5 billion in mixed-use development underway in the Lower East Side, including more than 1,000 apartments.
6) Landesbank, zwei – $225 million
In its second Far West Side deal of last month, Landesbank refinanced Related Companies’ luxury rental building at One Hudson Yards with a $225 million loan.
7) A&E acquisition – $217 million
A&E Real Estate recently acquired the Stonehenge Village rental complex for $287 million, using a $217 million loan from Mesa West Capital and Signature Bank. A&E bought the Upper West Side rental at a cost of about $683,000 per apartment.
8) MetLife refi – $205 million
Jack Resnick & Sons and the Ruben Companies refinanced the office building at 110 East 59th Street with a $205 million loan from MetLife Investment Management. Singer & Bassuk Organization brokered the deal. Tenants at the 37-story building include Cantor Fitzgerald and Estee Lauder.
9) BlackRock and roll – $175 million
BlackRock Real Estate Assets and partner L&L Holding refinanced the debt on their 600 Third Avenue office tower with $175 million from Capital One. L-3 Communications, Shake Shack, 3G Capital are tenants at the property.
10) Paramount promissory – $140 million
Aby Rosen’s RFR Realty refinanced the debt on the Paramount Hotel with a $140 million loan from German lender Aareal Capital Corporation. Rosen bought the property at 235 West 46th Street in 2011, paying, $275 million.
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