Top 10 Loans in the Outer Borough of New York in September 2021
Developers in the five arrondissements are betting big on the city’s pandemic recovery, and their lenders are not far behind.
Mortgage lenders were particularly active in the city’s outlying boroughs in September, with the top 10 loans totaling $ 1.65 billion, close to September 2019’s total of around $ 2 billion. To put the recovery in perspective, the 10 biggest loans in September 2020 totaled less than $ 500 million.
Queens and the Bronx led the way, each with four of the month’s 10 biggest loans. See the full list below:
1) Refi for Le Jacx | Queens | $ 425 million
Tishman Speyer landed this cash refinancing deal from Bank of America for The Jacx, its 1.2 million square foot office and retail complex located at 28-10 Queens Plaza South in Long Island City. The deal allowed the developer to consolidate existing $ 272.2 million construction loans issued by OZK Bank and secure new debt of around $ 152.8 million, according to the loan document.
The loan helped the developer recover around $ 40 million in equity, according to Commercial Observer. Construction of the 26-story two-building complex was completed in 2019 and its office floors have been fully leased to tenants such as WeWork, NewYork-Presbyterian Hospital and Macy’s, although Macy’s is actively seeking to sublet most of it. its space.
2) Last mile financing | Bronx | $ 319 million
A joint venture controlled by Turnbridge Equities and Dune Real Estate Partners has secured this construction loan from KKR for its planned 1 million square foot distribution center on an assembly of five lots at 920, 940 and 980 East 149th Street in Port Morris, plus two unnumbered packages on 141st Street near the Bruckner Freeway. The debt consists of a $ 224.5 million construction loan and $ 94.7 million of a new senior loan. In addition, the lender provided $ 61.8 million in financing to repay an existing loan issued by JPMorgan Chase, bringing the total amount to $ 381 million.
3) Financing of the DoBro tower | Brooklyn | $ 275 million
Simon Dushinsky’s Rabsky Group and Joel Gluck’s Spencer Equity secured this construction loan from Madison Realty Capital for their mixed-use development at 625 and 635 Fulton Street in downtown Brooklyn. The developers also have the right to use certain development rights attached to the property adjacent to 80 Dekalb Avenue owned by Brookfield, according to property records.
The proposed 35-story building will include more than 1,000 apartments as well as 16,500 square feet of retail space, according to the documents. In addition to the construction loan, the developers secured a $ 125 million refinancing deal from the same lender to replace the existing loan with the same amount issued by Bank Leumi last year.
4) Refi for multifamily portfolio | Queens | $ 123 million
Rubin Schron’s international group Cammeby’s obtained this loan for 19 multi-family buildings from Ditmars Steinway. The properties are located at 20-53 18th Street; 20-31, 20-52 and 20-53 20th Street; 19-09, 20-01 and 24-05 21st Avenue; 20-12, 20-32 and 20-52 24th Street; 20-65 and 20-74 26th Street; 20-75 27th Street; 20-24, 20-25, 20-44, 20-55, 20-64, rue Crescent; and 20-65, boulevard Shore.
5) Moving Charter | Bronx | $ 121 million
Nonprofit School KIPP NYC secured this loan from Zions Bancorporation for their project to build a new facility on two lots at 1504 and 1518-1530 Macombs Road in Mount Eden to relocate KIPP Elements Elementary School to 338 East 146th Street in the South Bronx and KIPP All Middle School at 2502 Lorillard Place in Belmont, according to the Bronx Times. The total debt consists of $ 99.5 million in construction loans and a purchase loan of $ 21.9 million.
6) Extension of the charter | Bronx | $ 102 million
KIPP NYC has also secured this funding from Zions Bancorporation for 2720 Jerome Avenue in Fordham, where the nonprofit plans to build a facility to open a new K-8 school, according to the Bronx Times. The deal includes $ 89 million in construction loans and $ 13 million for the acquisition.
7) Multifamily development resumed | Bronx | $ 90 million
The Altmark Group obtained this construction loan from Bank Leumi for its project to build a 23-story, 135-unit project on three plots at 227 Major Deegan Expressway, 2457 Third Avenue and an unnumbered plot on East 134th Street in Port Morris. The developer, in partnership with Artimus Construction, filed applications for the project with the city in December 2019. Artimus Chief Financial Officer Yoav Haron signed the loan documents as an authorized signing officer.
8) Ready to save time | Brooklyn | $ 85 million
Robert Levine’s RAL Companies secured this inventory loan from the First Republic Bank for the 89 unsold condominium units of Quay Tower, a 30-story, 126-unit development in Brooklyn Heights. RAL built the waterfront tower at 50 Bridge Park Drive in partnership with Oliver’s Realty Group. Condo sales began in June 2018, but slowed during the pandemic. The stock loan replaces existing loans to give developers more time to sell the units.
9) Ready to build more apartments | Queens | $ 56 million
Werwaiss Properties has secured this construction financing from JPMorgan Chase for its project to construct a 20-story, 157-unit building at 25-36 and 27-10 Jackson Avenue in Long Island City. The proposed building would also include nearly 10,000 square feet of retail space, according to plans filed with the city. The two-parcel land, which faces Jackson Avenue, 44th Drive and Thomson Avenue, has been in the Werwaiss family since 1974.
10) The Flushing resi project obtains funding | Queens | $ 52 million
Xiaorong Zhai’s Jade Century Properties has secured this construction loan from Centennial Bank for its development project of two 20-story residential buildings at 131-04 40th Street in Flushing. Jade Century, in partnership with Peter Huang, is constructing the buildings, which will include 386 residential condominiums on a parking podium.
In addition to the construction loan, the developer received a loan of $ 49 million from the same lender to replace the existing loans, bringing the total amount to $ 101 million. These two buildings are the first phase of the 557,000 square foot Flushing Point Plaza project.