Here are the best Manhattan home loans in January
The ten largest home loans registered in Manhattan last month totaled more than $3.6 billion, led, in a sign of the times, by a mammoth acquisition loan for a self-storage operation.
The combined value of the month’s top loans easily surpassed last January’s $1.95 billion, as well as December’s $2.5 billion.
Other notable loans include the securitization of Fisher Brothers debt on Park Avenue Plaza and $315 million in new debt issued as part of Steve Witkoff’s takeover of HFZ’s bankrupt XI luxury condo development. at Chelsea.
Below are more details on the 10:
1. Store value | $1.7 billion
The real estate divisions of Citibank and Barclays have loaned $1.7 billion for Storagemart’s acquisition of Manhattan Mini Storage, comprised of 18 self-storage facilities in the borough, from Edison Properties. Missouri-based Storagemart bought the brand and its properties for just over $3 billion. Total financing for the transaction, which included the refinancing of previous debt on four additional properties, was $2.15 billion.
2. The Fisher Kings | $460 million
Fisher Brothers has refinanced its Park Avenue Plaza office building with a $460 million mortgage from Morgan Stanley, which will be sold along with a $115 million mezzanine loan, as commercial mortgage-backed securities (CMBS) to investors. The 10-year interest-only loans will pay off existing debt and pay investors a fixed annual interest rate of 2.84%. Morgan Stanley will also take more than 400,000 square feet of space in the Blackrock building, Bloomberg reported.
3. Under new management | $315 million
Steve Witkoff and Len Blavatnik have received a $315 million mortgage loan from JPMorgan in their quest to complete the XI luxury condo development at 76 11th Avenue on the High Line in West Chelsea. After original developer HFZ Capital suffered a financial collapse, Witkoff took over the project and holds debt of $805 million, records show, while JPMorgan holds total debt of $915 million. The property is sometimes referred to as 501 West 17th Street.
4. Hotel helping hand | $203 million
Mid-market hotelier Sam Chang received a $203 million refinance loan, including $48 million in new debt, from private equity firm Oak Hill Advisors for the 21-story Le Méridien hotel at 292 5th Avenue at NoMad and a 28-story hotel operated by Radisson Hotels at 25 West 51st Street in Midtown. The hotel debt was previously held by Spruce Capital Partners and Madison Realty Capital, respectively.
5. Setting for dinner | $189 million
Henry and Justin Elghanayan’s Rockrose Development has received a $188.7 million loan to acquire the remaining stake in 11 East 26th Street, a 281,000 square foot office building in NoMad, from German lender Deutsche Pfandbriefbank. The $148 million purchase values the pre-war building at $275 million.
6. The clock strikes green | $184 million
Don Peebles and El Ad Group secured $184 million from JPMorgan, including $65 million in newly issued debt, to refinance the historic clock tower building at 108 Leonard Street in Tribeca. Lionheart Strategic Management provided the product at the mezzanine level, bringing the total value of the financing package to $229.4 million. The funds replace debt held by Mack Real Estate Credit Strategies.
7. Resi Redevelopment | $181 million
Wafra Capital Partners, a subsidiary of Kuwait’s sovereign wealth fund, has received $180.8 million from Pacific Western Bank to purchase and develop 720 West End Avenue, a vacant 237,000 square foot residential building with 117 units in the Upper Westside. Related companies provided additional funds at the mezzanine level to bring the total value of all debt to $225 million.
8. Helping Hands at the Hotel II | $145 million
Magna Hospitality Group received $145 million from PIMCO to refinance debt for its 570-key hotel at 338 West 36th Street. The product consolidates loans held by Pembrook Capital Management, Deutsche Bank and Bank of the Ozarks. Magna bought the hotel from Sam Chang’s McSam Hotel Group in 2019 for $274.3 million.
9. Park Avenue Package | $139 million
L&L Holding has landed $139.5 million from Otera Capital Investment to complete its 47-story office tower at 425 Park Avenue. Otera is refinancing $476.5 million in debt as part of a nearly $1 billion package led by Blackstone Real Estate Debt Strategies to retire the building’s original construction loan and cover the final stages of the project, which should be completed early this year.
10. Increase in rents | $128 million
USAA Real Estate received a $128 million mortgage loan from PCCP secured by a 16-story rental building known as Buchanan at 160 East 48th Street in Midtown East. Madison Realty Capital purchased the apartment building with USAA as a partner in 2016 for $270 million. USAA Real Estate Portfolio Manager Edmund Donaldson signed for the mortgage.