Manhattan’s top commercial lender recovered in July, expanding $2.3 billion into the fund’s 10 largest loans to help borrowers refinance, buy and redevelop properties.
A wave of refinancing of office and residential properties led the way. Here are the top 10 details:
Anchors are awe-inspiring | Photo $370 million
Secure SL Green $370 million Aareal Capital refinanced a 930,000 square foot office building at 100 Church Street in Tribeca. The funding includes a new loan of $4.7 million to replace debt previously held by Wells Fargo. According to SL Green, New York City is the anchor tenant for the building, which currently has 92,000 square feet vacant, with an additional 95,000 square feet available in 2024. The loan has a floating rate, according to brokerage Walker & Dunlop.
Road to recovery | $320 million
Value of Andrew Penson’s Argent Ventures Consolidated Loan $320 million — Formerly owned by Deutsche Bank, Morgan Stanley and Industrial and Commercial Bank of China — Located at 1601 Broadway in the Owner’s Maze The building’s $330 million mortgage defaulted.
The 46-story Times Square building houses the Crowne Plaza Hotel and approximately 230,000 square feet of office space, a Krispy Kreme donut shop and retail stores.
Argent has begun buy building debt With the pandemic devastating the leisure and hospitality industry, 2020 saw huge discounts, not to mention office landlords. The building’s owners, including the Walber family, Vornado Realty Trust and SL Green, were represented in the loan agreement by Richard Shinder of Theatine Partners, who specializes in financial restructuring. SL Green was ordered to sell its stake in the building to Pensons Argent earlier this year.
JP Morgan Millions | $315 Million
Eli ElephantProperty & Building Corporation refinanced HSBC Tower in Midtown for $315 million from JPMorgan. Approximately $75 million in new debt will be used to renovate the 1980s building. Building improvements include: $855 million implosion Sold when Inovo failed to raise sufficient capital despite being offered a $650 million term sheet by JPMorgan.total refinancing 452 Fifth Avenue came to $385 millionJP Morgan replaced Wells Fargo as senior lender.
Downtown square footage | $257 million
Joint venture between Zeckendorf Development and Atlas Capital Group secured $257 million of Blackstone Real Estate Debt Strategies $340 million Purchased 1.3 acres off West Side Highway in West Village at 570 Washington Street.partner Plans to build a condominium tower Modeled after 15 Central Park West in Zeckendorf.
Trifecta | $256 million
Moinian Group has raised $256 million from Deutsche Bank, including $25 million in new debt, to purchase the 818,000-square-foot portion of 17 Battery Place, a two-building rental complex in the financial district known as Ocean. I refinanced. Condo 2South Building 1F to 13F, And Unit 3including the entire North Wing secured financing. Natixis Real Estate Capital and Square Mile Capital were previous lenders.Moinian Landing $140 million In 2018, we plan to refinance the top half of the South Wing from Berkadia Commercial Mortgage.
Catch One | Photos Catch One $192 Million
Fisher Bros. raised $14.6 million from a luxury residential building at 225 East 39th Street in Murray Hill. $192 million Refinancing a loan from New York Life Insurance Company. The financing for the 297-unit rental, completed in 2017, replaces a construction loan for the building initiated by Milwaukee-based Northwestern Mutual.
Rapid refinancing | $174 million
Columbia Property Trust $174 million Blackstone Real Estate Debt Strategies awarded the refinancing of 799 Broadway, a 150,000-square-foot, 12-story office building completed last April. The contract is $270 million funding packageNew office tenants include: wellington management When bain venture capital.
Village Hall | $155 million
Meadow Partners $155 million loan Deutsche Pfandbrief Bank acquired a 220,000 square foot building at 95 Morton Street in the West Village. $288 millionRFR was the seller and Wells Fargo was the previous lender. RFR said he purchased this building from Brickman Associates in 2017 for $206 million. The address is also known as 617 Washington Street and tenants include Paypal and Venmo.
FiDi Fund | $137M
Atlas Capital Group has withdrawn $27.5 million from 15 Park Row, a 332-unit landmark condominium in the financial district. $136.5 million refinancing loan From Berkshire Residential Investments.Atlas bought a half-empty building last year $140 millionand Todd English is about to open 20,000 square feet of dining there. Completed in 1899, it was the tallest building in the world for about a decade. Converted from office to residence in the early 2000s.
Ze German | $117 million
The Dermott Companies have refinanced an apartment building on the Upper East Side. 220 East 72nd Street $116.5 million, of which $9 million is new debt from German lender Helaba for interior renovations. HSBC was the previous lender. Dermot purchased the 145-unit building from the former New York Governor. Elliott SpitzerAcquired the family-owned company for $160 million in 2019. The three-bedroom apartment is currently listed for $13,000 per month after the concession.