Largest Outer Borough Real Estate Loans: December 2025

Lenders pumped big bucks into outer borough multifamily properties in December, from low-rise residential buildings to sprawling multi-building complexes.

Greenbrook Partners and Carlyle Group scored the month’s largest loan for their massive townhouse collection spread across Brooklyn and Queens. Clipper Equity’s riverfront residential tower landed long-term financing from JPMorgan Chase and Citibank, and Madison Realty Capital scored a bridge loan for its 473-unit multifamily development Greenpoint Central.

Even office made a cameo, with JEMB Realty securing fresh debt as part of a recapitalization at 1 Willoughby Square in Downtown Brooklyn.

Here are December’s top five outer borough loans.

Carlyle cash | $486M | multiple neighborhoods in Brooklyn and Queens

Walker & Dunlop originated a $485.6 million Freddie Mac loan to refinance a sprawling multifamily portfolio owned by Greenbrook Partners and Carlyle Group. The fresh financing for the 262-townhouse portfolio spanning multiple Brooklyn and Queens neighborhoods replaced a $500 million loan from Invesco. Walker & Dunlop’s Matthew Wallach, Stephen West and Walker Layne arranged the 10-year floating-rate loan. Carlyle teamed up with Greenbrook in 2021 and stitched together a half-billion-dollar portfolio of small apartment buildings that fall into the city’s 2A/2B tax designation, which limits increases on real estate taxes to no more than 8 percent a year. These properties have no more than 10 units and tend to be mostly free-market, avoiding the severe restrictions imposed on owners by the 2019 rent stabilization law.

Riverfront refi | $405M | Greenpoint

JPMorgan Chase and Citibank provided a $405 million loan to refinance Clipper Equity’s Tower 77 in Greenpoint. The fresh financing for a 746-unit complex at 77 Commercial Street converted last year’s $430 million bridge loan into a five-year term. Clipper landed the bridge loan last May, months after topping out construction on the three-building complex. That debt retired a $386 million construction loan provided by the Bank of China and SL Green shortly into the pandemic. The 799,000-square-foot property, unspooled along the East River, was designed by CentraRuddy Architecture. There are 230 affordable units, as well as 40,000 square feet of amenities, including a pool, a sauna, a fitness center, a tennis court, a game room and a pet spa.

Multifamily moolah | $285M | Greenpoint

TPG Real Estate Credit provided a $285 million loan for Madison Realty Capital’s 473-unit multifamily development Greenpoint Central. The bridge loan for 65 and 75 Dupont Street replaces a $180 million construction loan from Elliott Investment Management. Located on a Superfund site once belonging to a plastics factory, the development includes studio, one‑ and two‑bedroom apartments, 30 percent of them affordable. Madison took ownership of the troubled project in 2021 after Bo Jin Zhu’s DuPont Street Developers filed for bankruptcy.

Blackstone bucks | $269M | Forest Hills

Wells Fargo provided a $269 million loan to Blackstone for a sprawling multifamily apartment complex and an adjacent office building in Forest Hills. The fresh financing for 104-20 and 104-70 Queens Boulevard replaced a $269 million loan from Newmark. Blackstone bought the 1,327-unit three-tower apartment complex, known as Parker Towers, and the adjacent office building in 2018 for $475 million.

JEMB juice | $125M | Downtown Brooklyn

Deutsche Bank provided a $125 million loan for the lower floors of JEMB Realty’s office tower at 1 Willoughby Square. The new mortgage was part of a complex transaction that included new equity and the division of the 35-story tower into condos. Among the latest round of investors is Edmond Safra, a member of the Safra banking family, alongside Adnane Mousannif’s AVRS Partners and KSR Capital principals Abraham Kassin and Morris Sabbagh. The Deutsche loan includes a $75 million A-note sold into a CMBS conduit. The sponsors also kicked in $68.5 million in fresh equity, according to Fitch, used largely to retire $179.5 million of existing debt, cover closing costs and seed a nearly $10 million reserve.