These were the top 10 outer borough loans last month
The top loan was $321M from a trio of lenders to Tishman Speyer
Downtown Brooklyn was all over the list of January’s top 10 outer borough loans.
The neighborhood had four projects on the list, including the top two: a $321 million loan for 11 Hoyt Street and a $130 million loan for 540 Fulton Street. Brooklyn dominated the list overall, taking up the top six spots and seven of the 10 overall.
Queens had two loans on the list for January, while the Bronx had one, and Staten Island had none.
Other major loans included $105 million from Deutsche Bank for Adam America Real Estate’s project at 409 Eastern Parkway in Crown Heights and $87.7 million from Benefit Street Partners Realty Trust to Madison Realty Capital at The Drake in Rego Park.
The full list of the top 10 outer borough loans for January is as follows:
1. A Starwood is Born – $321 million
The top loan for January was about $321 million from Starwood Property Trust, JPMorgan Chase and iStar for Tishman Speyer’s Downtown Brooklyn condo at 11 Hoyt Street. The project is adjacent to the Macy’s department store. Its total cost has been pegged at $685 million, and it calls for 490 residential condos.
2. Que Otéra, Otéra – $130 million
Downtown Brooklyn had the No. 2 loan for January as well. Otéra Capital Investments provided a $130 million loan to Jenel Management for its development at 540 Fulton Street. The 42-story tower will include 180,000 square feet of residential space, 103,000 square feet of office space and 21,000 square feet of retail space, according to Commercial Observer.
3. The Adams Family – $105 million
Adam America Real Estate Group took third place with a $105 million loan from Deutsche Bank for its Crown Heights project at 409 Eastern Parkway. The financing includes a roughly $41 million gap mortgage and replaces debt from Santander Bank. The 11-story mixed-use project will include 186 residential units, 35 of which will be affordable, and three commercial condominiums.
4. A Banner Loan for Banner Oak – $100 million
Banner Oak Capital Partners has teamed up with Dov Hertz and Bridge Development Partners to redevelop an industrial park in Sunset Park spanning 18 acres. The companies received a $100 million loan for the project from Apollo Global Real Estate Management. The owners plan to demolish the campus’ existing buildings and construct a four-story distribution center spanning up to 1.3 million square feet, a size they say will make it the largest development of its kind in the country.
5. The Next Stop is… Jay Street-Metro Tech – $89.1 million
Deutsche Bank loaned about $89 million to Jay Street Associates for their project at 330 Jay Street in Downtown Brooklyn’s MetroTech Center. The 32-story office tower was built in 2004 and is home to Kings County Family Court, according to Commercial Observer.
6. What’s the Leonard Pointe – $88.2 million
The Rabsky Group landed an $88.2 million mortgage from Berkadia for its Leonard Pointe building in Williamsburg. It replaces $95 million in debt on the project from TD Bank that Rabsky received in 2015. The project is located at 395 Leonard Street and stands seven stories tall with 188 units.
7. Sir Francis (the) Drake – $87.7 million
The first loan that wasn’t in Brooklyn came in at No. 7, courtesy of Benefit Street Partners Realty Trust loaning Madison Realty Capital $87.7 million for The Drake, a 419-unit residential complex at 62-60 99th Street in Rego Park. The money will go toward erasing existing debt on the property and funding renovations, such as adding new space for amenities and revamping the lobby and fitness center, according to Multi-Housing News.
8. Shanghai Noon – $75 million
Shanghai Commercial loaned $75 million to a company managed by developer Philip Chong of HCRE for 144-51 Northern Boulevard in Flushing. CW Northern LLC, the borrowing entity, bought the development site a few years ago for $46.2 million, and Shanghai provided a $30.4 million acquisition loan at the time. The exact plans for the site are unclear, but they appear to be for a project including residential units along with commercial, retail and community space.
9. A New Mount Hope – $72.1 million
Mount Hope Housing Company received about $72.1 million from the Community Preservation Corporation for renovation efforts it is undertaking at 13 affordable housing buildings in Mount Hope. The buildings contain 515 units overall and are located along East 175th Street and East Burnside Avenue. Expected renovations include energy-efficiency improvements and work on kitchens and bathrooms.
10. Delshah in DoBro – $62 million
January’s list ended as it began, with another loan in Downtown Brooklyn. Delshah Capital received $62 million from Bank OZK for its rental project at 22 Chapel Street, the first ground-up development the firm is working on in Brooklyn. The tower will have 180 apartments, 2,000 square feet of retail, 15,000 square feet of community space and a rooftop pool, and 25 percent of the residential units will be affordable.