Biggest Manhattan Real Estate Loans June 2021



Clockwise from left: One Vanderbilt, 111 Wall Street, 520 and 524 Broadway (SL Green and Google Maps)

Clockwise from left: One Vanderbilt, 111 Wall Street, 520 and 524 Broadway (SL Green and Google Maps)

The 10 largest Manhattan real estate loans recorded in June totaled $ 4.5 billion – the largest amount since then. June 2019 and almost as much as previous three months combined.

Most of this amount came from one major deal, SL Green’s. $ 3 billion refinancing One Vanderbilt, which was the largest commercial real estate mortgage loan ever made. Office Building Refinancing CMBS now tops Manhattan’s loan portfolio for eight of the past 10 months.

Here are the largest home loans in the area in June:

1) S (eeing) L (out) Green | $ 3 billion

In accordance with rating documentsnine banks – Wells Fargo, Goldman Sachs, Bank of America, Bank of China, Bank of Montreal, Deutsche Bank, JPMorgan Chase, Barclays and Citi – participated in this record-breaking 1.6 million square foot office tower refinancing near Grand Central. The loan to developers SL Green, the Korean National Pension Service and Hines returned about $ 1 billion in capital.

2) Installer of the pace | $ 230 million

Nightingale Properties and Wafra Capital Partners have received a solid financing package for the acquisition and renovation of 111 Wall Street, including $ 230 million a major loan from PIMCO; and a $ 180 million mezzanine loan from Oaktree Capital, Bain Capital and SKW Funding. The deal also includes $ 89 million from New York-owned Petros PACE Finance. first C-PACE loan

3) NoWo in Soho | $ 227 million

Ares Management provided this loan to Northwood Investors for Acquisition of $ 325 Million a pair of office buildings in Soho, on 520 and 524 Broadway… The property has been owned by the Propp family for several decades and has not previously been burdened with debt. Tenants include Keita McNally’s Balthazar restaurant, Aritzia clothing store and WeWork.

4) The battery is charged | $ 224 million

Brookfield Property Partners provided $ 224 million refinancing from Standard Chartered for 1 North End Avenue, a 15-story office building in Battery Park City. The 559,000 square foot building was constructed in 1996 for the New York Mercantile Exchange, which remains a tenant. Brookfield acquired the property in 2013 for $ 200 million, incorporating it into its sprawling Brookfield Place campus.

5) Agency address | $ 220 million

Wells Fargo and JPMorgan provided this CMBS refinancing for a 16-story office condominium in a 32-story building. 375 Pearl Street… The property is an office building and data center building owned by Sabey Corporation and National Real Estate Advisors. According to KrollThe apartment is wholly leased to four New York City government agencies – Human Resources, Department of Finance, New York City Police Department, and Department of Sanitation.

6) Mortgages in Midtown | $ 185 million

William Kaufman’s Organization and Travelers Companies Refinanced 437 Madison Avenue with a loan from Wells Fargo. Tenants in the 40-story Midtown office building include Cambridge Associates, Munich American Reassurance Company, Citizens Bank and Carnegie Corporation of New York.

7) DivcoDebt | $ 112 million

DivcoWest funded Acquisition of $ 134 million Jamestown Properties ” 325 Hudson Street with a loan from United Overseas Bank. The former industrial building sits atop the transatlantic cables and high-speed fiber corridors that run through Lower Manhattan, making it popular with telecom and tech tenants.

8) Smart Means | $ 108 million

Life insurance company “Foresight” provided $ 108 Million Loan by Glenwood Management to refinance a 30-story rental tower in 1930s Lincoln Square Broadway. Also known as Great levelAccording to StreetEasy, the property was built in 2002 and its apartments are rented out for $ 13,000 a month.

9) Alchemical transformation | $ 100 million

Investment partners Alchemy-ABR and Cain International have landed $ 250 million in financing the construction of an office tower in Billionaires’ Row, of which $ 100 million in principal was provided by Security Benefit Life Insurance. This site, which includes the Calvary Baptist Church at 125 West 57th Street, is to be converted into 26-storey tower

10) REIT refi | $ 93 million

The Ascott Residence Trust, a Singapore-based REIT with 86 hotels in 15 countries, has refinanced the Sheraton Tribeca New York Hotel at 350 Canal Street with USD 92.8 million loan from overseas-Chinese banking corporation. Ascott is a subsidiary of CapitaLand Limited, one of the largest real estate companies in Asia.


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