Luxury rentals, ground-up megaprojects and affordable housing complexes reeled in big bucks last month, from the Brooklyn waterfront to the Bronx skyline. Developers in the outer boroughs locked in nine-figure loans to finish construction, refinance aging debt and reimagine retail hubs.
The month’s top deals totaled almost $1.3 billion, led by a $340 million loan from Affinius Capital for Sky Equity Group’s Gowanus multifamily project. Beitel borrowed $305 million for its multifamily project in the Mott Haven neighborhood of the Bronx. And Douglaston Development and Corebridge Real Estate Investors reeled in $287 million for their luxury rental tower on the Williamsburg waterfront.
Here are the top five loans in the outer boroughs.
Sky high | $340M | Gowanus
Affinius Capital provided a $340 million loan to Sky Equity Group for its Gowanus multifamily development. The loan will allow the builders to finish construction and lease the 603-unit, mixed-use complex at 313 Bond Street. The luxury development, between Union and President streets, includes two multifamily buildings and 51,600 square feet of retail space. Sky Equity is reportedly affiliated with Simon Duchinsky’s Rabsky group; the loan for the project replaces Rabsky’s existing $286 million construction loan that G4 Capital provided last year.
Scaling up | $305M | Mott Haven
Scale Lending, Slate Property Group’s lending arm, provided a $305 million loan to Beitel for its multifamily project in the Mott Haven neighborhood of the Bronx. The loan will finance ground-up construction for the two-building, 515,000-square-foot development at 355 Exterior Street. The project will consist of connected 40-story and 26-story buildings. The development will include nearly 200 parking spaces, more than 11,000 square feet of retail space and residential amenities such as an outdoor pool, outdoor terrace, a gym and a pickleball court. At least 25 percent of the units will be affordable under the expired 421a program. Landstone Capital arranged the 18-month whole-term loan, which includes two six-month extension options.
Waterfront windfall | $287M | Williamsburg
KKR Real Estate Credit provided a $287 million loan to Douglaston Development and Corebridge Real Estate Investors for their luxury rental tower on the Williamsburg waterfront. The 41-story residential property at 1 North Fourth Place was built in 2015 and contains 509 units, and Douglaston has claimed it as the first high-rise rental project on the Williamsburg waterfront. The fresh financing replaced a $206 million loan from Northwestern Mutual Life Insurance Company.
Bronx booty | $201M | Concourse Village
Merchants Capital provided a $201 million loan to Arker Companies for 17 Bronx affordable housing developments. The fresh financing replaced a $178 million loan from Freddie Mac and the NYC Housing Development Corporation. The properties have 679 units and include 1041 Findlay Avenue, 1280 Sheridan Avenue and 1055 Findlay Avenue in Concourse Village.
Rentar refi | $160M | Middle Village
Deutsche Bank and UBS originated a $160 CMBS loan for Rentar Development’s mixed-use plaza in Middle Village, which is in the midst of a retail overhaul. The fresh financing for Rentar Plaza at 66-26 Metropolitan Avenue replaced a $132 million loan backed by the complex. The three-story, 1.4 million-square-foot asset includes both retail and industrial space. The city is the property’s largest industrial tenant, while BJ’s Wholesale Club anchors the retail component.
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