The top 10 largest suburban home loans totaled $1.31 billion in February — 56 percent more than the top 10 a year agolast month before the pandemic hit New York City.
It’s a small sample size, and the grand total doesn’t necessarily reflect overall outskirt lending, so take the increase for what it’s worth. The total was down 5 percent from January but up 12 percent from December.
Among the top 10 largest loans were six in Brooklyn, three in Queens and one – the month’s largest – in the Bronx. These included a leasehold mortgage for a hotel development and an existing home loan. Some borrowers are using loans to weather the pandemic downturn.
1) Bank loan for Bankside | Bronx | $190 million
Brookfield Properties secured a $190 million loan from Goldman Sachs for its massive property bank page Project on the South Bronx coast. The loan consists of $140 million to build the 1,350-unit development on 4.3 acres on either side of the Third Avenue Bridge in Mott Haven and a $50 million senior mortgage.
2) Outstanding Achievement | Brooklyn | $113 million
Stellar Management received this refinancing for the OTTO Greenpoint rental project with almost 200 units. The eight-story (“otto”… got it?) building was developed at 211 McGuinness Boulevard in Greenpoint. The five-year loan was issued by the New York Community Bank to pay off existing construction debt.
3) Beveled LIC | Queens | $98 million
Rabsky Group received this loan from Arbor Realty Trust for the Bevel luxury condominium complex at 42-22 27th Street, Long Island City. The 18-story, 202-unit building was originally planned to have 99 units.
4) Bet in Stock | Brooklyn | $75.4 million
Thor Equities secured this construction loan for its project to develop a 312,000 square meter warehouse at 280 Richards Street in Red Hook. Amazon has signed a 20-year lease for the property. The loan issued by Athene Annuity and Life Company will be converted into a permanent loan upon completion of construction.
5) Shelf Life Extension | Brooklyn | $63.7 million
Developers of a condominium complex at 111 Montgomery Street in Crown Heights, CIM Group and LIVWRK secured this 157-unit inventory loan from Oaktree Capital Management. In 2018, developers projected a $150 million sell-off for the 163 units of the complex. Existing construction and project loans from Bank OZK will be repaid from the loan proceeds.
6) LaGuardia Landing | Queens | $55.4 million
California-based private equity firm ASAP Holdings secured this mortgage to fund their purchase New York LaGuardia Airport Marriott at 102-05 Ditmars Boulevard and an adjacent development site. The loan was issued by Bridge Debt Strategies, a subsidiary of Bridge Investment Group. Recorded sales prices were $86.6 million for the 443-room hotel and $17 million for the 1.5-acre property.
7) College to Residential | Brooklyn | $43.2 million
Property Resources received a $43.2 million construction loan from Pacific Western Bank for its project to redevelop a former St. John’s College site at 71-88 Lewis Avenue in Bedford-Stuyvesant into a 205-unit apartment complex . The developer secured a leasehold for the 2-acre property from the Roman Catholic Church of St. John the Baptist. St John’s College was renamed St John’s University in 1933.
8) Conversion in progress | Brooklyn | $39.9 million
Long Island resident Barry Leon took out this loan from Fort Amsterdam Capital for the apartment building at 475 Washington Avenue on Clinton Hill. The property developer has been converting the property’s 60 rental apartments into condominiums since 2018.
9) watermark ref | Queens | $39 million
Twining Properties, in partnership with Principal Real Estate Investors, secured this loan for Watermark LIC, a 168-unit rental complex at 27-19 44th Drive in Long Island City. The loan was issued by Metlife Real Estate Lending.
10) Accommodation Hotel | Brooklyn | $35.8 million
GFI Capital Resources Group secured this loan from iStar for its leasehold position in the 285-key Ace Hotel development at 61 Bond Street and at the same time sold the property under the development for 45 million dollars to iStar.