Real estate financing in outlying areas continued to be strong in June, at least among the larger deals, with the top 10 loans totaling $ 1.42 billion, more than double the loan amount. a year ago…
The upturn began in May, when the top 10 loans were worth $ 1.6 billion, nearly double that amount. Figures for May 2020…
Queens and Brooklyn each had four of the 10 largest loans in June.
Here’s a complete list:
1) Cash | Queens | $ 285 million
Blackstone Group is secured this is refinancing from Morgan Stanley to stores at Skyview, a 510,000 square foot shopping complex in Flushing. According to the DBRS Morningstar rating report, the new loan, which was securitized into a single-asset commercial mortgage-backed securities transaction, replaced $ 306 million in debt disbursed in 2016 to Morgan Stanley. The mall was “significantly affected” by the pandemic, but the additional $ 45 million in equity Blackstone contributed to the deal “demonstrates an encouraging level of ownership commitment,” the report said.
2) Solid prospectus | Brooklyn | $ 223 million
Moyan Group has landed this refi from Bank of China for its 467-unit Flatbush apartment building at 123 Linden Boulevard. The deal came just 11 months after the developer received a $ 170 million refinancing package from subsidiary AIG. The complex, dubbed PLG due to its location on Lefferts Gardens, is currently being rented out. The new loan leaves the developer $ 53 million in cash after paying off the previous debt.
3) transformation of logistics | The Bronx | USD 110.16 million USA
Innovo Property Group secured this loan – a combination of construction loans and a basic mortgage – from Cerberus. purchase a plot of nine acres at 1110 Oak Point Avenue and 155 Tiffany Street at Hunts Point, convert the existing building into a 340,000 square foot warehouse and add additional parking. The site offers 760,000 square feet of development.
4) Refinancing Gold | Brooklyn | $ 110 million
Lalezarian Properties received this refi from New York Community Bank for its 375-unit apartment building at 257 Gold Street in downtown Brooklyn. A Long Island developer completed a pair of luxury apartment buildings, dubbed Bklyn Gold, at 277 and 257 Gold Street in 2009 and 2010, respectively. A two-bedroom, two-bathroom apartment on 257 Gold Street is priced at $ 4,304 per month, concessions included.
5) Square Deal | Brooklyn | $ 102.5 million
Bruman Realty has closed a refinancing deal with Square Mile Capital for its 287-unit near-completion rental condominium at 67 Duffield Street in downtown Brooklyn. The 13-story building, also located at 260 Gold Street, is across the street from Bklin Gold Lalezarian… The project has allocated 86 apartments for middle-income households, which will earn between $ 97,680 and $ 155,090 for families of four.
6) Justice will prevail | Queens | $ 88 million
United Construction & Development has received this refinancing from the Bank of China for its Justice Avenue Tower, a mixed-use development at 88-08 Justice Avenue in Elmhurst. Central Queens Academy Charter School recently signed Rent 85,000 sq. Ft. in a hostel at the base of an 18-story tower. There are 183 condominiums in the building.
7) Coastal thing | Brooklyn | $ 80 million
Spenceran, headed by Spencer Ahn, president of Bogopa Service Corp., secured this construction loan from Centennial Bank for his property at 1100 Myrtle Avenue in Bedford-Stuyvesant. Bogopa is the parent company of Food Bazaar Supermarkets and until recently operated one of its stores at the site. The store is currently temporarily closed to make way for a 9-story, 189-unit mixed-use development, which is to include 24,800 square feet of commercial space, according to a permit application filed by Shorewood Real Estate Group.
8) College Credit | Queens | 70 million dollars
Associated companies received this loan from Goldman Sachs for six lots at 134-15, 135-05, 136-07, 136-15, 137-05 and one countless lot on 20th Avenue. The parcels are collectively known as College Point Center, a college point mall with Target, BJ’s Wholesale Club, TJMaxx, PC Richard & Son, and Buffalo Wild Wings. A related shopping center was built in 1998.
9) Go to the Hills | Queens | $ 65 million
Slate Property Group received this construction financing from Pacific Western Bank for a mixed-use complex at 105-02 Queens Boulevard in Forest Hills. According to the permit application, the 11-story building is expected to have 166 rental units and 22,000 square feet of commercial space. According to the Forest Hills Post, the developer plans to set aside 50 housing units as eligible for 421a property tax relief.
10) Zoom in | The Bronx | $ 63 million
Simon Kaufman, through 336 Grand Concourse, secured this loan for the construction of land at 334 Grand Concourse in Mott Haven. According to the Department of Construction, in April Kaufman received permission from the city to build a 14-story apartment building of 150 apartments. The project will include approximately 8,300 square feet of commercial space. The lender was Scale Lending, the financial arm of Slate Property Group.