Multifamily market refis lead biggest outer-borough loans
Resi complexes nabbed the biggest financing packages in November outside Manhattan
New York City rents have staged a major comeback, returning the city to its status as the nation’s priciest housing market and upping the value of its residential properties. Lenders, it seems, have taken notice.
Big rental complexes drew the biggest loans last month, as debt on thousands of residential units were refinanced. The 10 largest loans in the outer boroughs totaled $749 million in November, well below the $1.3 billion from the top 10 last month and in November 2020.
Brooklyn led the way last month with six of the biggest property loans. Projects in Queens secured three top loans while the Bronx had one. Here is the list:
1. Beachy | $157 million
Texas-based New Point Real Estate Capital lent $157 million to Rubin Schron’s Cammeby’s International rental complex in Bath Beach, Brooklyn, including $56 million in new debt. The complex spans one million square feet and has 1,344 residential units at 1483 Shore Parkway, 8831 20th Avenue and 2064 Cropsey Avenue.
2. Williamsbridge | $130 million
Taconic Investment Partners and Clarion Partners received $130 million in loan proceeds, including $15 million in new debt, from Wells Fargo at its Eastchester Heights apartment complex in Williamsbridge, the Bronx. The complex spans 1.2 million square feet and has 1,416 residential units at 3485 Corsa Avenue, 1400 Hicks Street, 3444 Fish Avenue, 3438 Wilson Avenue and 3437 Eastchester Road.
3. Pi is served | $75 million
Signature Bank loaned $75 million, including $15 million in new debt, to Pi Capital Partners at its Elm West rental complex in Elmhurst, Queens. The debt is secured by 51-35 Reeder Street, one of three buildings at the complex, which spans 207,000 square feet and has 142 apartments. The entire complex holds 269 apartments.
4. Rabsky rising | $99 million
The Rabsky Group secured $99 million from Goldman Sachs to build a 45,500-square-foot, mixed-use building with 225 residential units at 61 Adams Street, also known as 69 Adams Street, in Dumbo. The proceeds include $17.2 million for the purchase of air rights. Rabsky bought the Brooklyn parcel from the Jehovah’s Witnesses in 2016 for $65 million.
5. Guyana to Jamaica | $65 million
Zara Realty received $65 million in construction financing from Arbor Realty Trust to build a 218,000-square-foot building with 233 residential units at 153-10 88th Avenue in Jamaica, Queens. Some 30 percent of units will be affordable under the city’s Mandatory Inclusionary Housing policy. Zara was founded in 1982 by immigrants from Guyana.
6. Clean slate | $66 million
Slate Property Group lent $65.9 million to Bruman Realty — including $58 million in new construction financing — for a 171,500-square-foot building with 165 residential units at 26-25 Fourth Street in Astoria, Queens. Bruman will set aside 30 percent of units as affordable.
7. Plan B | $45 million
FM Capital and LIVWRK refinanced 160 Van Brunt Street, an office conversion project in Red Hook, with a $45 million loan from Signature Bank. Tenants in the Brooklyn building, which was shopped around for north of $60 million but did not sell, have included Tesla, New York University and Starbucks’ Princi Italian bakery. The loan includes $1.8 million in new gap funds.
8. Nursing loan | $39 million
Liebel Rubin refinanced a 162,000-square-foot nursing home at 691 92nd Street in Dyker Heights, Brooklyn, with $39 million from Sterling National Bank. The loan consolidates prior debt. Rubin bought the nursing home in 2010 for $20 million and earlier this year purchased a 63,000-square-foot nursing home in Corona, Queens, for $15 million.
9. Mynty fresh | $37 million
Rivky Brach received $37.25 million in financing, including $5.7 million in new debt, for his purchase of 756 Myrtle Avenue, Brooklyn. Signature Bank was the lender. Brach bought the 107,000-square-foot rental building, known as MYNT, for $49 million, which is $3 million less than its 2016 price tag.
10. Demo time | $36 million
Urban Realty Partners used $36 million from Popular Bank to snap up a development site in Vinegar Hill, Brooklyn, for almost $50 million. Demolition permits were filed at the site, which has 147,000 square feet of development potential, in late November.