Largest Manhattan Real Estate Loan in July Issued by Aby Rosen CMBS



Clockwsie Top Left: Aby Rosen at 980 Madison Avenue, 258-278 Eighth Avenue, 1 West Street and 511 Lexington Avenue (RFR, JJ Operating, Google Maps)

Clockwsie Top Left: Aby Rosen at 980 Madison Avenue, 258-278 Eighth Avenue, 1 West Street and 511 Lexington Avenue (RFR, JJ Operating, Google Maps)

The top 10 Manhattan real estate loans recorded in July totaled $ 1.2 billion, much less than the $ 4.5 billion in June. The number that month was overstated by SL Green’s record $ 3 billion refinancing of its One Vanderbilt tower.

The July list included a variety of loans, including refinancing besieged hotels and office building owners taking on renovation loans for the post-Covid market.

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

1. Artie Aby | $ 238 million

RFR Realty Ebi Rosen refinanced 980 Madison Avenue with a $ 238 million CMBS loan from a subsidiary of Credit Suisse Column Financial. RFR will pay off a $ 230 million debt provided by New York Community and Invesco. The largest tenant in the building is the Gagosian Gallery, which covers 56,000 square feet.

2. The Magic of Midtown | $ 183 million

Alchemy-ABR and co-developer JJ Operating secured $ 183 million construction loan from PacWest and Square Mile Capital Management for a 190-unit, 210,000-square-foot mixed-use project at 258-278 Eighth Avenue in Chelsea. JJ Operating acquired the property about four years ago for just over $ 107 million. Target pre-leased 28,000 square feet of the site in November.

3. FiDi Refi | $ 131 million

Moinian Group signed a refinancing loan with Deutsche Bank in the amount of USD 131.5 million. 1 West Street in the Financial District through the lender’s Dbr Investments. The loan refinances $ 131.5 million from Square Mile Capital for the 492-apartment building that Moyen bought for $ 70 million in 2005. Built in 1902, it is also known as 17 Battery Place.

4. Hotel Hopeful | $ 125 million

HPS Investment Partners provided $ 125 million loan Andrew Farkas’ Island Capital for the $ 185 million purchase of the Lexington Hotel in a joint venture with Three Wall Capital and MCR. The 725-room building at 511 Lexington Avenue in Midtown opened in 1929 and was honored in 2016. The pandemic has mothballed about a third of the city’s hotel inventory.

5. Office optics | $ 100 million

Bank of America consolidated existing loans and added a $ 62.6 million deficit. loan at 80 Pine Street, owned by Rudin Management, to FiDi. Additional funds will be used to overhaul the 60-year-old 38-story tower. Rudin Management opened a 1.2 million square foot building designed by Emery Roth & Sons in 1960. It has nearly 800,000 square feet of available space.

6. Happy New | $ 125 million

The water lifts at 817 Broadway were dismantled after Taconic Partners, Nuveen, and Squire acquired the 126-year-old office building in 2016. Now refinancing for $ 125 million loan from Ares Commercial Capital and Criterion Real Estate Capital, which will provide $ 90 million in principal and $ 35 million in mezzanine financing, respectively, to pay for the tenant’s fit-out and lease, as well as a $ 102 million acquisition loan.

7. Oak finish | $ 75 million

Oak Hill Advisors, through a limited partnership of Re-Us Hyce Holding, has refinanced Sam Chang’s McSam Hotel Group’s property at 16 East 39th Street in the Garment District. The package replaces a $ 67.5 million loan issued by Deutsche Bank and includes $ 7.5 million of new debt as a break loan. Samir Gandhi signed loan for McSam, PincusCo reported

8. Korean Beef | $ 65 million

Seoul bank Nonghyup Bank provided $ 65.3 million. financing Tarvos Capital Partners for its Meatpacking District group of properties at 44-54 Ninth Avenue, 351 West 14th Street and 362-364 West 15th Street. Tarvos plans to turn the property into a 129,000 square foot complex with 69 apartments and 60,000 square feet of retail space.

9. Hotel “Waterfall” | $ 65 million

Waterfall Asset Management provided $ 64.8 million duty at the McSam Hotel at 535 Eighth Avenue to refinance a $ 63.5 million loan issued by Deutsche Bank in February 2020. Sam Chang and two other investors transferred majority shareholding – a 320-room Garment District hotel worth $ 47.4 million transferred to NY 8th Ave Investor, a Delaware limited liability company, in June.

10. Diamonds and Mystery | $ 65 million

Hana Financial Group’s subsidiary, Keb Hana Bank USA, provided $ 60 million plus a $ 5 million revolving credit line to a recent purchaser of 576 Fifth Avenue, an 80,000 square foot building in the Diamond District. The identity of the customer who paid $ 101 million for purchase July remains a mystery. The property is about 50 percent full.


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