After two billion-dollar loans boosted August’s lending total to $4 billion, the financing faucet slowed in September as lenders doled out less than half that amount.
A Co-op City shopping center grabbed the month’s biggest loan, $280 million from JP Morgan Chase. The top five development loans in the outer boroughs totaled $809 million, neck and neck with the $820 million that lenders doled out in Manhattan.
A mix of residential properties – including multifamily, condos and an office-to-resi conversion – took six of the top 10 spots. A hotel, industrial portfolio and healthcare facility also scored financing.
Here’s a closer look at the assets tied to the biggest loans.
Strip mall haul | $280M | Co-op City
JP Morgan Chase provided a $280 million loan to Sam Shalem’s Prestige Properties & Development for the Bay Plaza Shopping Center in the Bronx. The fresh financing for the Co-op City shopping center at 2100 Bartow Avenue and 2134 Bartow Avenue replaced a $265 loan from MetLife. The properties, whose tenants include DSW Designer Shoe Warehouse and home decor store At Home, span 566,555 square feet, according to PincusCo.
Multifamily grab | $273M | Upper East Side, Chelsea
Bridge Investment Group provided a $273 million loan to a partnership led by gen for a distressed New York multifamily portfolio. Island Capital and JW Capital Management seized control of 11 buildings concentrated in the Upper East Side and Chelsea by picking up the 637-unit portfolio’s mezzanine debt. Island and JW then closed on a $270 million loan from Bridge Investment Group to pay off the senior mortgage, according to Commercial Mortgage Alert. The moves come 18 months after Blackstone’s $272 million senior loan landed in special servicing.
Hotel haul | $230M | Midtown
Ramsfield Hospitality Finance, funds managed by AB CarVal and Affinius Capital, provided a $230 million acquisition loan to real estate investment firm Gencom for its purchase of the Thompson Central Park Hotel. Gencom paid $308 million to acquire the 42-story hotel at 119 West 56th Street from GFI Capital Resources Group and Elliott Management. The 587-key hotel, home to famous burger joint Parker’s, will continue to operate under Hyatt as a Thompson-branded hotel. It was the Miami-based firm’s first New York City hotel purchase.
Zaro’s borrow | $165M | Bronx
MF1 Capital provided $165 million to Jacob Schwimmer’s JCS Realty for One38, its mixed-use project in the Bronx. The Boston-based debt fund took over the existing $105 million debt and provided a $60 million gap mortgage for 138 Bruckner Boulevard. The loans replaced $105 million in construction financing from S3 Capital. Schwimmer acquired a ground lease on the property from Montgomery Street Capital, which purchased the site for $55 million. Leasing is under way at the 579-unit building on the site of the former Zaro’s Bakery warehouse in Mott Haven.
Condo cash | $159M | Greenpoint
Apollo Global Management provided a $159 million loan to Mack Real Estate Group and the State Teachers Retirement System of Ohio for The Greenpoint tower on the East River. A partnership of Mack Real Estate, Palin Enterprises and Urban Development Partners developed the 40-story building at 21 India Street, which includes 95 condominium units, 287 rentals and ground-floor retail. The Ohio teachers’ pension acquired a 50 percent stake in the rental and retail portion in 2019. The fresh financing replaced a $175 million loan from HSBC Bank.
Conversion coin | $134M | Financial District
A Cayman Island entity provided a $134 million loan to Joseph Hoffman’s Bushburg for its purchase of the Rudin family’s 80 Pine Street office building. The Brooklyn-based developer finalized its $160 million purchase of the half-empty, 1.2 million-square-foot building on September 6 and secured financing from Pine Financial Limited. Commercial Observer reported that the financing came from Carlo Bellini’s 99c. Bushburg has filed plans for a partial conversion of the office building into 500 residences.
Rabobucks | $131M | Mott Haven
Dutch financial services firm Rabobank provided a $131 million loan to Sprague Energy for a portfolio of industrial properties in the Bronx. The portfolio includes industrial buildings at 220 Locust Avenue, 1040 East 149th Street, 939 East 138th Street and 184 Locust Avenue in Mott Haven, according to PincusCo.
Wu win | $118M | Hell’s Kitchen
Maxim Capital Group provided a $117.5 million construction loan to Jasper Wu’s ZD Jasper Realty for construction of the mixed-use project at 430 West 37th Street. ZD Jasper filed plans last year for an 11-story, 128-unit property on the empty lot in Hell’s Kitchen. The building is expected to span 128,000 square feet, including 10,000 square feet of commercial space.
Rehab refi | $74M | Fort Greene
Newpoint Real Estate Capital provided a $74.4 million loan to healthcare facility operator CareRite Centers for a nursing home in Fort Greene. The financing replaced a $75 million loan on the Fort Greene facility at 140 St. Edwards Street from Banco Popular. The property is the site of the Phoenix Rehabilitation and Nursing Center, which stands 11 stories tall and holds 400 beds.
Multifamily moolah | $65M | Harlem
Greystone provided a $64.7 million Fannie Mae loan to Metropolitan Realty Group for a portfolio of Harlem multifamily buildings. The Great Neck-based firm purchased 10 adjacent buildings on West 135th Street from Jonathan Rose Companies in September for $64 million.
Read more
Commercial
New York
Two luxury condo projects land billion-dollar loans: NYC’s largest August loans
Commercial
New York
Andrew Farkas wrests control of discarded Blackstone portfolio
Commercial
New York
Gencom pays $308M for Thompson Hotel in New York debut