NYC’s Top Commercial Real Estate Loans In March 2026

Debt flowed through New York’s development pipeline in March, with lenders backing everything from a Brooklyn residential megaproject to Midtown trophy office towers. In Williamsburg, Two Trees landed a $460 million construction loan for the next phase of its Domino Sugar refinery development, a pair of residential towers.

Across the river, Midtown saw a flurry of office activity, led by a $450 million loan for Global Holdings’ NoMad office tower. Further north, JPMorgan Chase supplied a $417 million loan for Extell’s Ikea-anchored retail and office development and RXR locked in a $408 million loan for its Lexington Avenue renovation. Citadel supplied $400 million for its Park Avenue tower joint venture with Vornado and Rudin, before a political drama threatened Ken Griffin’s commitment to the project.

Here are the top five real estate loans for March.

Domino dough | $460M | Williamsburg

M & T Bank provided a $460 million construction loan for the next phase of Two Trees’ Domino Sugar factory development, a pair of 50-story residential towers at 280 Kent Avenue on the Williamsburg waterfront. The twin towers will span about 1.2 million square feet and yield 1,262 units, 25 percent of them affordable, per New York YIMBY. The complex will include 12,000 square feet of commercial space and a parking garage. The project is part of Two Trees’ larger office, residential and retail development that includes and surrounds the old Domino Sugar refinery. The fresh financing replaced an $89 million loan from M & T.

Office refresh | $450M | Nomad

Wells Fargo originated $450 million in million in commercial mortgage-backed securities debt for Global Holdings’ Nomad office tower at 1250 Broadway. The three-year loan, arranged by Eastdil Secured’s Grant Frankel, Rob Turner and Ethan Pond, replaced a $443 million loan from HSBC Bank. Eyal Ofer’s firm purchased 1250 Broadway in 2016 from Jamestown and Murray Hill Properties for $565 million. The company rebranded the 39-story building as NoMad Tower and launched a $50 million renovation, moving the building’s lobby from West 32nd Street to West 31st Street. Since then, a number of notable tenants have signed lease deals.

Barnett booty | $417M | Midtown

JPMorgan Chase provided a $417 million loan for Extell’s office and retail development at 570 Fifth Avenue. Gary Barnett’s firm is building a 29-story tower on the Midtown development site, comprised of more than a dozen properties. Global law firm Simpson Thacher & Bartlett was reported last summer to be poised to take roughly 700,000 square feet to anchor the building. Ikea, through Ingka Investments, is set to anchor the retail component with 80,000 square feet and a one-third stake in the full project.

Rechler refi | $408M | Midtown

Morgan Stanley and Bank of America provided a $407.5 million loan for RXR’s renovation of 450 Lexington Avenue. The fresh financing for the 40-story tower replaces a $325 million loan from mortgage Pacific Life Insurance Company. Scott Rechler’s firm agreed in 2023 to make “extensive capital improvements” to the Class A office building after law firm Davis Polk & Wardwell and Warburg Pincus signed a 25-year, 700,000-square-foot lease extension and expansion. RXR bought the 40-story Class A office tower in 2012 for $780 million. The building is fully leased.

Citadel cash | $400M | Midtown East

Citadel provided a $400 million loan for the 350 Park Avenue office tower it is developing under a joint venture with Vornado Realty Trust and Rudin. Citadel took a 60 percent stake in the 2 million-square-foot development and will be the anchor tenant. The partners filed permit applications for the 62-story project late last year, after the City Council approved rezoning the site. Citadel’s Ken Griffin agreed in late 2022 to master lease the site, with Citadel and Citadel Securities set to occupy 850,000 square feet of the new tower. But that was before Mayor Zohran Mamdani took a swipe at the hedge fund titan, prompting Griffin to threaten to walk away from the project altogether.