Brookfield Properties’ famed Fifth Avenue retail condo took the crown for the biggest real estate loan last month, a good sign for landlords along Manhattan’s luxury shopping corridor. Office buildings took home two of the top five deals, including Vornado Realty Trust’s Penn 11, though Steve Roth had to chip in some of his company’s equity to close the deal.
Across the East River, Baron Property Group and LargaVista landed a $389 million construction loan for their luxury Long Island City residential project, and two Brooklyn multifamily developments scored financing.
Here are the top five loans in Manhattan and the top five in the outer boroughs.
Crown cash | $601M | Midtown
London-based Cale Street Partners provided $601 million to refinance the retail condo at Brookfield Properties’ Crown building at 730 Fifth Avenue in Midtown. The debt package includes a $462.3 million loan, matching what Apollo Global Management provided three years ago. The rest is mezzanine debt. The ground-floor space of the 25-story property at the corner of Fifth Avenue and 57th Street is home to luxury retailers like Bulgari, Ermenegildo Zegna, Mikimoto, Chopard and Chanel. Eastdil Secured arranged the transaction.
Roth refi | $450M | Penn District
Citi Real Estate Funding, Bank of Montreal and Societe Generale Financial Corporation provided a $450 million CMBS loan for Vornado Realty Trust’s Penn 11. The five-year, interest-only loan has a fixed rate of 6.35 percent and isn’t set to mature until August 2030, according to Steve Roth’s real estate investment trust. Vornado was facing an October maturity of $500 million in debt at the 1.2 million-square-foot office property. To close the gap, it chipped in $50 million of equity.
King of Queens | $389M | Long Island City
Starwood Capital Group, Gotham Organization and Blackstone Real Estate Debt Strategies provided a $389 million construction loan for a residential project being developed by Baron Property Group and LargaVista at 30-25 Queens Boulevard. The plan calls for a 46-story tower with 451 rental units and 110 condominiums. Amenities will include a rooftop pool, basketball and pickleball courts, a pet spa and a solarium with a kitchen and dining space. There will also be 21,000 square feet of retail space. Ayush Kapahi of HKS Real Estate Advisors and DIA Capital Group facilitated the deal.
Park Avenue payday | $385M | Midtown
JPMorgan Chase, Deutsche Bank and Morgan Stanley originated a $330 million CMBS loan for Tishman Speyer’s office building at 300 Park Avenue, part of a $385 million refinancing deal. Macquarie Capital Principal Finance provided an additional $55 million in mezzanine debt backed by the 25-story Midtown tower. Tishman chipped in $111 million in fresh equity that, along with the proceeds from the refinancing, will be used to pay off $485 million in outstanding principal from a CMBS loan issued in 2013. That 10-year loan went into special servicing two years ago because of “imminent balloon/maturity default.” Eastdil Secured arranged the transaction.
Resi refi | $325M | Manhattan and Queens, multiple neighborhoods
New York Life Insurance Company provided a $325 million loan for six multifamily buildings owned by Algin Management in Manhattan and Queens. The properties — which include 300 Mercer Street, 200 East 33rd Street and 229 West 60th Street — have 1,320 residential units and span 1.3 million square feet, according to PincusCo. New York Life provided a $210 million loan for the properties in 2013 and JPMorgan Chase chipped in $115 million in 2017. Last year, an affiliate of Algin bought the loan from Chase. That loan was combined with the New York Life loan and refinanced in the current deal, PincusCo reported.
Moneygram | $249M | NoMad
Wells Fargo provided a $249 million Freddie Mac-backed loan for Eyal Ofer’s Global Holdings’ luxury residential tower at 10 East 29th Street, known as Anagram NoMad. The bank’s multifamily capital group provided the loan, which replaced an existing balance sheet loan from the lender, according to Commercial Observer. Global Holdings, led by the billionaire Ofer, acquired the property in early 2020 for $380 million from the Los Angeles County Employees’ Retirement Association, weeks before the pandemic sent Manhattan’s rental market into a tailspin. Previously known as Instrata Nomad, Ofer upgraded the amenities and rebranded the building under the Anagram flag.
Canalside cash | $205M | Gowanus
AllianceBernstein provided a $205 million loan for Domain Companies’ 300-plus-unit apartment complex in Gowanus. The fresh financing for 420 Carroll Street replaced $176 million in loans issued by Bank OZK in 2022. The two-building project includes 360 apartments, of which 90 are affordable, and 27,000 square feet of commercial space. JLL and Newmark arranged the debt.
Multifamily moolah | $142M | Fort Greene
M&T Realty Capital provided a $141.5 million loan for a joint venture’s purchase of 240 Willoughby Street, a multifamily project in Fort Greene developed by Rabsky Group. A joint venture of Fetner Properties, MCB Real Estate and Farallon Capital bought the 463-unit Fort Greene property for $209.5 million, more than $453,000 per unit. Leasing launched around Memorial Day as the building neared completion. The development includes 147 affordable units.
Rehab refi | $120M | Throgs Neck
Monticelloam Funding provided a $120 million CMBS loan for Joel Leifer’s Throgs Neck Rehabilitation and Nursing Center. The filing includes a document that says the maximum loan amount is $217 million with a 2028 maturity date, according to PincusCo. The fresh financing replaced a $70 million loan from Monticelloam. Leifer bought the 205-bed facility in 2021 for $20 million.
Read more
Brookfield refinances Crown Building retail condo
Vornado lands $450M to refinance Penn 11
Tishman Speyer lands $385M refi at 300 Park Ave
