These were the top 10 outer borough loans in May

A $1.4 billion loan for LaGuardia Airport topped the list

Spring Creek Towers at 1255 Pennsylvania Avenue in Brooklyn and a rendering of the new LaGuardia Airport (Credit: Spring Creek Towers and New York Governor Andrew Cuomo's Office)
Spring Creek Towers at 1255 Pennsylvania Avenue in Brooklyn and a rendering of the new LaGuardia Airport (Credit: Spring Creek Towers and New York Governor Andrew Cuomo's Office)

UPDATED, Dec. 26, 2018, 1:00 p.m.:For the second consecutive month, the top 10 outer borough loans consisted entirely of deals in Brooklyn and Queens.

Queens made up four of the top 10 loans in May, while Brooklyn took the other six spots. The Bronx and Staten Island were once again shut out.

A roughly $1.4 billion bond issuance to Delta Airlines for its massive renovation project at LaGuardia Airport took the top spot, followed by a roughly $500 million loan to Rockpoint Group and Brooksville Company for Starrett City in East New York. Other notable loans from the month included $65 million for Mack Real Estate’s planned waterfront development in Astoria and $52.2 million for Quinlan Development’s and Lonicera Partners’ Brooklyn Heights project at 157 Remsen Street.

The full list of top 10 outer borough loans for May is as follows:

1. Debt takes off at New York’s third best airport – $1.4 billion
The top financing for May by an incredibly wide margin was a roughly $1.4 billion bond offering from Empire State Development and Bank of New York Mellon to Delta Airlines. The money will go toward Delta’s $4 billion renovation project at LaGuardia Airport, which was approved in 2017 and includes consolidating Terminals C and D into just Terminal C, according to Commercial Observer.

2. Rockpoint and roll – $501.5 million
The loan in second place was less than half as much as the loan in first place: roughly $500 million from Wells Fargo to Rockpoint Group and Brooksville Company for Starrett City in East New York, now known as Spring Creek Towers. The two companies had been talking with Wells Fargo about a loan since at least September, when they signed a contract to buy Starrett City for more than $850 million. The Brooklyn complex consists of 46 buildings and 5,881 units, making it the largest federally subsidized housing development in the country.

3. From ACORE to KKR – $265 million
Westbrook Partners and Andrew Chung’s Innovo Property Group received a $265 million loan from KKR for 24-02 49th Avenue in Long Island City. The two companies purchased the property in 2016 for $195 million from Cammeby’s International and received a $136 million acquisition loan from ACORE Capital at the time. The new loan assumes the mortgage for ACORE and provides a $30.8 million gap mortgage.

4. Fountain of youth – $137.04 million
The New York State Housing Finance Fund loaned Arker Companies and the nonprofit Block Institute about $137.04 million for their project at 894 Fountain Avenue in East New York. The loan package consists of $75 million in first-mortgage debt through bond revenues and $62 million in a subordinate subsidy loan. The money goes toward building a 422-unit affordable housing project.

5. Bills land in Bushwick – $100 million
The fifth place loan was for $100 million from LoanCore Capital to Read Property and Princeton Holdings for their property at 930 Flushing Avenue in Bushwick. The 10-year loan refinances an $85 million mortgage from LoanCore and has a fixed rate of 4.17 percent, according to the Commercial Observer.

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6. Another day, another refinancing! – $78.2 million

Bank of China loaned Urban Edge Properties about $78.2 million for Rego Center I at 96-05 Queens Boulevard. This is the same loan from U.S. Bank that dates back to 2009 and was refinanced multiple times. Rego Center II, right next door at 61-01 Junction Boulevard, has a $275 million loan from Bank of China.

7. Mack gets in on the action – $65 million
Mack Real Estate loaned $65 million to Cape Advisors and Wainbridge Capital for their project in Astoria at 30-77 Vernon Boulevard. The bridge loan for the waterfront development site is for 18 months with options to extend, and the companies are planning a luxury rental project for the site with 770 apartments across five buildings, according to the Commercial Observer. They purchased the site from Criterion Group for $85 million.

8. Loan redeemer – $64.4 million
Adam America Real Estate landed a roughly $64.4 million loan from Deutsche Bank for its Boerum Hill project at 561 Pacific Street, the former site of the Church of the Redeemer. The company purchased the site, also known as 24 Fourth Avenue, in July 2017 for $36 million and is planning to build a 63-unit condo project on the site.

9. Resi on Remsen – $52.5 million
USAA Life Insurance Company loaned Quinlan Development $52.5 million for its project at 157 Remsen Street in Brooklyn Heights. The company is building a 19-story, 60-unit rental project at the address with Lonicera Partners that will span 92,000 square feet. Amenities will include a fitness center, rooftop terrace and children’s playroom.

10. Gowanus loan, eh? – $52.4 million
May’s list closes out with a roughly $52.4 million loan from Canadian Imperial Bank of Commerce to Trinity Place Holdings for 470 Fourth Avenue in Gowanus. Adam America sold the property to Trinity for about $81.2 million in May.

Update: This story has been updated to reflect that the $1.4 billion from ESD to Delta was a bond issuance not a loan.

Largest outer borough loans recorded in May 2018
RankAddressLoan amountBorrowerLenderNeighborhood
1LaGuardia Airport Terminals C and D at 83-00 23rd Avenue$1.4 billionDelta AirlinesNew Yorku2019s Empire State Development and Bank of New York Mellon Eat Elmhurst
2Spring Creek Towers fka Starrett City at 1155 Pennsylvania and 45 other buildings$501.5 millionRockpoint Group and Brooksville Company Wells Fargo Multifamily CapitalEast New York
324-02 49th Avenue$265 millionWestbrook Partners and Andrew Chungu2019s Innovo Property Group KKRLong Island City
4894 Fountain Avenue$137.04 millionArker Companies and the Block InstituteNew York State Housing Finance Fund and bondholdersEast New York
5930 Flushing Avenue$100 millionRead Property and Princeton HoldingsLoancore CapitalBushwick
6Rego Center I at 96-05 Queens Boulevard$78.2 millionUrban Edge PropertiesBank of ChinaRego Park
730-77 Vernon Boulevard$65 millionCape Advisors and Wainbridge CapitalMack Real EstateAstoria
8561 Pacific Street$64.4 millionAdam America Real EstateDeutsche BankBoerum Hill
9157 Remsen Street$52.5 millionQuinlan Development and Lonicera PartnersUSAA Life Insurance CompanyBrooklyn Heights
10470 4th Avenue aka 237 11th Street$52.4 millionTrinity Place HoldingsCanadian Imperial Bank of CommercePark Slope
Source: The Real Deal analysis of NYC Dept. of Finance loans recorded in May 2018. Refinance deals with the same lender, mortgage spreader agreements or extensions were not included. Loans with the city or its affiliates were not included.