Multifamily claims top September loans in outer boroughs
Big dropoff from largest-loan totals of a month and year ago
The 10 largest real estate loans in Brooklyn, Queens and the Bronx recorded in September came to $477 million, just one third of the top-10 total for September 2021 and for last month, when big loans in the outer boroughs rivaled those in Manhattan.
Residential real estate captured all of last month’s top loans outside Manhattan. All but one was secured by multifamily properties; the exception was a hotel turned homeless shelter.
Here are more details.
Square deal | $116 million
Longfellow Real Estate Partners and Sculptor Real Estate received this loan from Square Mile Capital to develop a life sciences project at 43-10 23rd Street, in Long Island City. The seven-story office building spans 208,000 square feet. Square Mile provided $70 million in construction financing secured by the property; total financing came to $155 million. The partnership bought the property in December 2021 for $92.5 million.
Leveling up | $80 million
The Arker Companies received the loan from Merchants Bank of Indiana to finance 2930 West 30th Street, a 362-unit apartment building in Coney Island, Brooklyn. The building spans 387,000 square feet and was built in 1972. The funds retire a $22.9 million mortgage held by state and federal housing agencies.
Steely deal | $50 million
Toll Brothers scion Jacob Toll and Cayuga Capital Management refinanced the Lewis Steel Building in Williamsburg with cash from Signature Bank. Toll and Cayuga converted the industrial building at 76 North 4th Street in 2013 to include 84 rental apartments and 34,000 square feet of commercial space. The funds replace Natixis, which had consolidated senior and construction debt on the property, as the lender.
Boerum to tears | $44 million
Adam America Real Estate consolidated nine mortgages on two apartment buildings, at 577 and 595 Baltic Street in Boerum Hill, Brooklyn, with this loan from Valley National Bank. The buildings, built in 2016, have a combined 97 units across 80,000 square feet.
Shelter helper | $37 million
Shulem Herman refinanced a 168-unit homeless shelter, formerly a hotel, at 52-34 Van Dam Street in Long Island City with this loan from Dime Community Bank. It includes $17 million in newly originated funds at an interest rate of 4.25 percent. Herman bought the property, once a Fairfield Inn, in 2018 for $36.5 million. He also owns hotels in Edgemere and Crown Heights that serve as homeless shelters.
Rental refi | $36 million
Realty Within Reach refinanced a 147-unit apartment building at 497 St. Marks Avenue in Crown Heights with $36.2 million from Pennsylvania-based Customers Bank. The loan consolidates construction debt and senior debt on the 100,000-square-foot property, built in 2015. Realty Within Reach bought the 31,000-square-foot parcel beneath the building in 2011 for $4.5 million.
Money to launder | $35 million
The Fairview, a 424-unit cooperative in Forest Hills, Queens, received this loan from National Consumer Cooperative Bank, an institution established by Congress to lend to cooperative businesses and residences. The cooperative, located at 61-20 Grand Central Parkway, filed an application in September with the Department of Buildings to repair the building’s laundry room and garage.
Dutch treat | $32 million
Konstandinos Vorillas’ Femc Realty secured $31.5 million — including $27 million in construction loans — from UMB Bank to build a 46-unit residential building spanning 89,000 square feet in Dutch Kills. Vorillas assembled land for the project, at 27-09 40th Avenue, in 2018 and 2019 for a combined $12.5 million. The former industrial section of Long Island City is continuing to transform. “Projects planned years ago are now finally coming to fruition,” Compass agent Tim Rothman recently told the New York Times.
That’s Living-ston | $30 million
Yitzchok Katz got $29.5 million from G4 Capital Partners and Axos Bank to buy, and build on, two parcels in Downtown Brooklyn. The funds include $24 million in new debt and replace Signature Bank as lender. Katz filed plans in September to construct a 74-unit building spanning 42,500 square feet at 362 Livingston Street. He bought the land for the project that same month for $25.5 million.
Bronx trio | $17 million
Bernard Miller Entities received $17.25 million from Signature Bank to buy three apartment buildings in the Bronx with a combined 182 units and 174,000 square feet. Miller bought the buildings — 2206 Holland Avenue and 2260 Bronx Park East in Bronxwood and 730 East 236th Street in Wakefield — simultaneously for $23 million.