Residential projects continued to grab the attention of lenders in August, with the city’s 10 largest suburban real estate loans totaling $1.5 billion.Largest Loan Acquired in Manhattan About the same amount last month.
10 loans in Brooklyn, Queens and Bronx last month not only from last year There is a healthy mix of projects from residential towers to warehouses. The spec office project also got sugar. Click here for details.
Up | $348 million
Andrew Chung’s Inovo Property Group Scores $348 million Refinance from JP Morgan to the company’s vertical warehouse project at 23-30 Borden Avenue, Long Island City.The total funding of the deal is $435 million, the Mezzanine is home to Starwood Property Trust. Inovo plans to build his 842,000-square-foot five-story facility across the East River from Midtown. Inovo partnered with Atalaya Capital Management and Hong Kong-based Nan Fung Group to purchase the property for $75 million in 2019.
Tower Power | $232 million
Secured by Rockefeller Group and Park Tower Group $232 million To build a 40-story residential tower from Japan’s Sumitomo Mitsui Trust Bank 16 Dupont Street, GreenpointPart of the Greenpoint Landing development, the building has 378 apartments and 2,700 square feet of retail space.
Retail Reference | $198 Million
Receives Retail REIT Acadia Realty Trust $198 million This includes $66 million in new debt, secured by 570,000 square feet of retail space in the Citypoint development in downtown Brooklyn. Retail locations are at 1 Dekalb Avenue, 445 Gold Street and 138 Willoughby Street.
Cash Me Out | $147 million
Secured by storage firm Prime Group Holdings $147 million From slate asset management to refinancing self-storage facilities in Brooklyn, Queens and the Bronx. The debt includes $4.6 million of newly originated funds, which the lender replaces Pimco. The facilities are located at 1084 Rockaway Avenue, 31-07 20th Avenue and 1260 Zerega Avenue respectively.
Grand Lease Green | $135 million
Receipt of JEMB Realty $135 million From Wells Fargo, the Company will construct a 375-unit residential building spanning 395,000 square feet at 11 Ocean Parkway and 312 Coney Island Avenue in Windsor Terrace, Brooklyn. The loan is secured by a leasehold interest. International Baptist Church Inc. owns 46,500 square feet of land under the expected building. City Council has approved site upzoning for 2020.
Dobro Trade | $134 Million
Lonicera Partners landing $134 million City National Bank and Santander in financing the construction of a residential tower in downtown Brooklyn. The 314-unit project at 15 Hanover Place has 34 floors and is one of the last projects approved under the 421a tax program, which expired in June. Approximately 95 units will be secured at an affordable price.
Windfall warehouse | $106 million
Received CBRE Investment Management $106 million including $61 million of new debt from Bank of America, Brooklyn Distribution Center in East New York. The funding replaces his $45 million raised by JPMorgan Chase when the CBRE affiliate purchased the warehouse from Wildflower in April for $230 million. . The warehouse is operated by Amazon and spans 211,000 square feet.
Moved to Mott Haven | $91 million
Secure Jacob Schwimmer’s JCS Realty $90.5 million A construction loan from Valley National Bank to build a 365-unit residential project at 40 Bruckner Boulevard in Motthaven, Bronx.Schwinner nailed $105 million The 447-unit building is scheduled to open at nearby 138 Bruckner Boulevard from Montgomery Street Capital earlier this year.
Spec Sugar | $80 million
Two Trees Management has landed $80 million from M&T Bank for the redevelopment of the former domino sugar refinery 292 Kent Avenue in Williamsburg, Brooklyn. The spec project will yield 460,000 square feet of office space, which the developer hopes to acquire for rent. $60-$90 per square foot, was reported. Businesses relocating to Brooklyn from his 96th Street or below in Manhattan, or out of town, are eligible for a $3,000 property tax offset per employee under the city’s Relocation Employment Assistance Program.
Rental Reffee | $72 million
Zara Realty has refinanced a 358-unit residential portfolio in Hollis, Queens. $72 million From a signing bank. The funds will replace the New York Community Bank as a lender. Properties are located at 88-09, 88-25, 148-48 148th Street, 191-11 Woodhull Avenue and 91-59 191st Street. Zara said she acquired these buildings together in 2012 for $39 million.