Largest Outer Borough Real Estate Loans November 2025

Lenders wrote nine-figure checks in November for everything from multifamily developments to shelters and student housing. TF Cornerstone’s recently-completed luxury Long Island City multifamily development landed the month’s largest deal, a $347 million refi from M & T Realty Capital. Apartment projects in Long Island City, Williamsburg and Gowanus also pulled in fresh capital, while debt flowed to a shelter-heavy portfolio in the Bronx and Queens and student housing in Brooklyn Heights.

Here are November’s top five outer borough loans.

Malt money | $347M | Long Island City

M & T Realty Capital Corporation provided a $347 million loan to refinance TF Cornerstone’s luxury waterfront Long Island City apartment tower. The loan for the 575-unit building at 2-20 Malt Drive is backed by Fannie Mae’s Near Stabilization program, according to M & T. The fresh financing replaced a $307 million loan from PNC Bank. The building is one of two luxury towers in the Malt Drive complex, built on the former site of a sugar cane processing facility and beer distribution center. Amenities include an outdoor pool, roof deck and fitness center. Leasing for the studio, one- and two-bedroom units launched in 2024.

Lorimer loot | $290M | Williamsburg

Blackstone and Corebridge Financial provided a $190 million loan to refinance the Loketch Group, Joyland Group and Meral Property Group’s new multifamily development in Williamsburg. The fixed-rate, five-year, interest-only loan for the pair of residential buildings at 268 Lorimer Street replaced a $172 million loan from TPG. CenterSquare provided $30 million in mezzanine debt. Construction on the eight-story, 305-unit development at the corner of Lorimer Street and Broadway wrapped up a year ago. Amenities include a fitness center, a lounge and rooftop spaces. There are also six retail suites and more than 200 parking spaces.

Canalside cash | $152M | Gowanus

U.S. Bank National Association provided a $152 million construction loan for Monadnock Development’s 300-unit Gowanus multifamily project. The 22-story development at 155 Third Street will unfurl along the Gowanus Canal, to the west of the canal’s northern end. It will include 225 market-rate apartments and 75 affordable units; the development was approved under the 421a affordable housing program prior to its lapse. There will also be 30,000 square feet of commercial space and ground-floor retail, which will connect to a planned seven-acre esplanade. The development is expected to be completed by the last quarter of 2027.

Gimme shelter | $142M | Queens, Bronx portfolio

JPMorgan Chase provided a $142 million loan for a five–propery portfolio owned by Sandhu Group. The properties include two Queens shelter properties at 104-16 Tuckerton Street and 95-10 218th Street in Jamaica and three Bronx properties – a women’s shelter at 1591 East 233rd Street in the Eastchester section, an industrial building at 4510 White Plains Road in Wakefield and 2443 Poplar Street in Westchester Square, where a men’s homeless shelter was planned.

Dorm dollars | $76M | Brooklyn Heights
Goldman Sachs and Wells Fargo provided a $76 million loan to refinance Hawkins Way Capital and Värde Partners’ student housing complex at 97 and 119 Columbia Heights in Brooklyn Heights. The fresh financing for the 99,0000-square- foot buildings replaces a $69 million loan from CIM Group. Hawkins Way bought the properties in 2017 for $18 million from the Jehovah’s Witnesses and converted them to student housing for St. Francis College. Värde Partners became part owner of the property in 2021. The deal is part of a $430 CMBS loan package for a portfolio of three student housing buildings owned by Värde and Hawkins Way in New York and Boston.