The dollar volume of the top 10 commercial real estate loans outside the area was $ 1.6 billion in May, nearly double the volume a year ago, and Total for April…
But it’s too early to tell if the jump is a sign of a recovery: volume was much higher in march at $ 1.96 billion. And these are just the 10 largest loans, and not the entire aggregate of loans.
Two loans surpassed the $ 100 million mark for Brooklyn development projects. Four out of 10 were in Brooklyn, four in Queens and one in the Bronx. One loan was for real estate in the Bronx, Brooklyn and Queens.
Here’s a complete list:
1) Greenpoint Resi Tower | Brooklyn | USD 188.4 million USA
Brookfield Properties received this construction loan for construction 31-storey 413-apartment residential building on two lots on Commercial Street in Greenpoint. The lender was Otera Capital of Montreal. The building is one of 11 residential towers planned for Greenpoint Landing’s waterfront development. The Greenpoint Landing master plan calls for the construction of 5,500 housing units, of which 1,400 will be income-limited.
2) DoBro office building | Brooklyn | $ 181 million
Savannah received this building loan for a building project 24-storey office building with an area of 310,000 sq. Feet on a triangular section of three sections at 270 Flatbush Avenue Extension, also known as 141 Willoughby Street; and 383 and 385 Gold Street. The lender was Pimco. Savannah acquired a plot in downtown Brooklyn from the Design and Build Institute for $ 28 million in 2014 and originally planned to build a 270-unit mixed-use building. But a real estate investment company changed the plan for offices.
3) LIC residential building | Queens | 70 million dollars
Solomon Feder got this refi loan for his nine-story home. 158-apartment residential building at 45-57 Davis Street in Long Island City. The lender is Shelter Growth Capital Partners, based in Stamford, Connecticut. About 30 percent of the apartments in the building will be devoted to affordable housing for households with an income of 130 percent of the average income in the area, ranging from $ 73,920 to $ 183,300, depending on family size.
4) Another place in the SND | Queens | USD 64.23 million USA
Ascent Development secured this construction loan to attract 24-storey 92-apartment residential building on an eight-site assembly at 45-31 Davis Street in Long Island City. The lender was the Privileged Bank. The middle block complex has facades overlooking Davis and Pearson Streets, and is a stone’s throw from the Wolkoff Group building. Development of 5Pointz LIC…
5) More space in LIC | Queens | $ 55 million
SB Development received a construction loan from the Scale Property Group to construct a 23-story, 86-unit mixed-use building at 41-05 29th Street in Long Island City. In 2018, the developer told The real deal that the residential units will be condominiums. According to plans filed for the city, the building will have 5,700 square feet of commercial space.
6) Riverdale Refi Cooperative | The Bronx | $ 48 million
Whitehall Tenants Corp. provided this refinancing from Santander Bank. Whitehall, located at 333 Henry Hudson Parkway in Riverdale, has 439 one- and three-bedroom apartments, Stritisi said.
7) Industrial game | Queens | USD 39.05 million USA
South Florida-based logistics investor Elion Partners took out this loan to finance its Acquisition of $ 58.1 million warehouse space of 180,000 square feet at 182-20 Liberty Avenue in Jamaica. The lender was FS Investments. The sellers were private families who were engaged in wholesale trade directly from the building.
8) Self-play storage | Bronx, Brooklyn and Queens | $ 38 million
Matthew Sprayregen took out this loan secured by warehouses at 1041-1045 Webster Avenue, 1112-1128 Brook Avenue, 359 Wales Avenue and 2165 and 2181 Jerome Avenue in the Bronx; 160 John Street in Brooklyn; and 37-19 Crescent Street in Queens. According to PincusCo, the seven properties have 312,509 square feet of built-up space.
9) Residential St. Mary | Brooklyn | 35.7 million USD USA
Quinlan Development Group received this construction loan for a construction project 17-storey apartment building at 230 Classon Avenue, Clinton Hill, owned by St. Mary’s Episcopal Church. CIT Bank acted as the creditor. According to YIMBY, the building will have 138 one and two bedroom apartments.
10) Senior housing will rise | Brooklyn | USD 30.1 million USA
Impact Brooklyn, formerly known as the Pratt Community Council, received this loan to build a 63-unit, four-story retirement home at 811 Lexington Avenue in Bedford Stuyvesant. The lender was TD Bank. The project is being carried out in collaboration with the property owner, Northeastern Seventh-day Adventist Conference. According to Impact Brooklyn, the apartments will be available to low-income seniors receiving a rental subsidy.