These were the top 10 outer borough loans in September

A $115M loan for Taconic Investment Partners and Clarion Partners topped the list

From left to right: 44-28 Purves Street in Long Island City, Eastchester Heights in the Bronx, and 2401 Third Avenue in the Bronx
From left to right: 44-28 Purves Street in Long Island City, Eastchester Heights in the Bronx, and 2401 Third Avenue in the Bronx

Two of the top three outer borough loans recorded in September were for Bronx projects. The No. 1 loan was $115 million for Eastchester Heights, a complex spanning five city blocks in the northern part of the borough, while the number three loan was $96.2 million for Brookfield Property Partners’ acquisition of two South Bronx properties.

The loans were worth about $619 million overall. The only other one worth more than $100 million was a $110 million loan from Massachusetts Mutual Life Insurance Company for 44-28 Purves Street in Long Island City.

Brooklyn and Queens both had four loans on September’s list, while the Bronx had two. None of the top 10 loans were for Staten Island properties.

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

1. What’s in Taconic Investment Partners’ Wallet? – $115 million
The largest outer borough loan for September was $115 million from Capital One for Taconic Investment Partners and Clarion Partners. The companies received the mortgage for Eastchester Heights, an apartment complex spanning five city blocks in the Bronx. The loan replaces a 2016 mortgage for $110 million that was also from Capital One. Taconic and Clarion bought Eastchester Heights in 2007 for $133 million.

2. Valley Forge – $110 million
Brause Realty, Gotham Organization and an investor group received a $110 million loan from Massachusetts Mutual Life Insurance Company for their new Long Island City luxury rental tower called the Forge. The building is located at 44-28 Purves Street, and the money replaces a $105 million construction loan from Bank of New York Mellon and M&T Bank that closed in 2015. Brause bought the site in 2013 for $17.6 million.

3. Bronxfield Property Partners – $96.2 million
A $96.2 million loan for Brookfield Property Partners’ South Bronx project took the No. 3 spot. The acquisition loan comes from HSBC and is for Brookfield’s purchase of 101 Lincoln Avenue and 2401 Third Avenue. It replaces a 2015 loan from UBS for $31.9 million. Brookfield purchased the two sites from Somerset Partners and the Chetrit Group for $165 million earlier this year and plans to construct a seven-building project on the site with about 1,300 residential units, 30 percent of which would be affordable.

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4. Adam America the Beautiful – $63 million
Adam America Real Estate and Slate Property Group received a $63 million loan from Deutsche Bank for their East Williamsburg rental building at 120 Union Avenue. The mortgage replaces a construction loan from Santander Bank for $38.7 million. The companies bought the development site with partner Naveh Schuster Limited for $15.5 million in 2014 and constructed a seven-story, 130-unit rental building.

5. A Passage to India Street – $57.5 million
RedSky Capital received a $57.5 million loan from Seven Valleys Capital for its project at 18 India Street in Greenpoint. The building will span about 650,000 square feet, split between about 550,000 square feet of residential space and 100,000 square feet of retail space, and it will likely have between 500 and 700 units.

6. Rainbow Troutman – $55.98 million
Developer Yitzchok Schwartz received this loan from Jones Lang LaSalle for its Bushwick property at 114 Troutman Street. The five-story, 144-unit building was built in 2006, and vacant apartments are currently going for between $3,000 and $3,500, according to StreetEasy.

7. Water, Water Everywhere – $52 million
GDC Properties landed this $52 million loan for its Dumbo rental building at 220 Water Street. The money comes from Santander Bank and Sovereign Bank, and it replaces a $52 million loan from 2012 that was just from Sovereign Bank. The four-story building has 135 apartment units and one commercial unit, and it was GDC’s first development in New York City.

8. Pi Day – $43 million
Pi Capital Partners received a $43 million recapitalization loan from the Industrial and Commercial Bank of China (USA) N.A. for its property at 136-18 39th Avenue, known as the Flushing Professional Tower. The company developed the office building in 2002, and it now stands 13 stories tall and spans more than 100,000 square feet.

9. Mercantilism – $42.25 million
Onex Real Estate Partners received this $42.25 million loan from Mercantil Bank for its Flushing property at 144-74 Northern Boulevard. Onex, the same developer behind SkyView Parc, is planning a 100-unit residential project at the site that would stand seven stories tall and span about 106,000 square feet. The site would be roughly split between 69,000 square feet of residential space, 20,000 square feet of commercial space and 17,000 square feet of community space.

10. Blue Jans – $41.7 million
The final loan on September’s list was from Santander Bank to Jans Realty for $41.7 million. The loan is for Jans’ Long Island City project at 37-14 36th Street, known as Silver Star. The project was built this year and stands 10 stories tall with 85 units, according to StreetEasy.

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