The 10 largest commercial real estate loans in the outer boroughs in March totaled $ 1.96 billion, more than double the figure for March 2020 when the pandemic gripped New York City. Last month’s total was nearly 50 percent higher than February’s $ 1.3 billion.
Of the first 10 loans, five were issued for Queens, three for Brooklyn and two for the Bronx. Most had to refinance existing loans, perhaps because long-term treasury yields started to rise, borrowers took advantage of lower interest rates while they could.
The complete list:
1) 5Pointz refi | Queens | $ 300 million
The Wolkoff family’s G&M Realty obtained this refinancing from JPMorgan Chase for its 1,115-unit luxury apartment project at 22-44 Jackson Avenue in Long Island City. The loan will repay the construction loan G&M received from OZK Bank in 2018. The huge two-tower complex, called 5Pointz LIC, replaced the famous 5Pointz graffiti mecca.
2) Garden apartment refi | Queens | $ 165 million
A&E Real Estate Holdings, through Kew Gardens Hills, has secured this 12-parcel loan in Kew Gardens Hills from Signature Bank. The properties included 147-07 / 147-51, 147-08 / 142-52 and 150-16 / 150-46 72nd Road; 147-39 / 147/43, 150-19 / 150-45, 150-14 / 150-40, 147-40 / 147-44 and 153-14 / 153-36 73rd Avenue; 147-42 / 147-46, 150-18 / 150-48 and 153-04 / 153-60 75th Avenue; and 72-24 / 72-30 Kissena Boulevard in Kew Gardens Hills. These plots house three-storey apartment buildings.
3) The Arches multifamily refi | Bronx | $ 163 million
Cheskel Schwimmer’s Chess Builders secured this refinancing for The Arches, a two-tower apartment complex located at 198 East 135 Street in Mott Haven. The lender was Prime Finance Short Duration Holding Company, a division of Prime Finance. The residential complex has 430 apartments, including 129 units reserved for middle-income households. The Arches address is also known as 224-228 East 135th Street.
4) Rabsky gets moving | Brooklyn | $ 120 million
Brooklyn-based Rabsky Group secured this loan backed by plots at 52 Walton Street, 174 Harrison Avenue, 249-257 Wallabout Street and 243-274 Wallabout Street. The financing consists of a $ 79.6 million construction loan, a $ 19.8 million mortgage and a $ 20.5 million land loan, for a total of $ 119.9 million . The lender was Bank Leumi USA. Rabsky’s plan to build a 12-story mixed-use building was approved in February. It provides for 77 apartments, 53,600 square feet of community facilities and approximately 39,600 square feet of commercial space, according to the application filed with the city’s building department. The property, also known as 34 Union Avenue, is located near the southwestern edge of Broadway Triangle. Rabsky bought it in 2012 for $ 12.75 million, according to property records.
5) Opal refi | Queens | $ 110 million
A&E Real Estate Holdings has secured this loan against the Opal rental apartment complex located at 75-25 153rd Street in Kew Gardens Hills. A&E purchased the 388-unit building from Dermot in 2015 for $ 134 million. The loan was issued by Signature Bank.
6) Mower refi | Brooklyn | $ 100 million
Clipper Equity secured this financing from Citi for its office building at 141 Livingston Street in downtown Brooklyn. The real estate investment trust purchased the building for $ 14 million in 2002 from Blackacre Capital Management, the real estate investment arm of Cerberus Capital Management. The REIT refinanced the property earlier than the original loan expiration date and extended the term with a lower interest rate, according to David Bistrier, CEO of the company.
7) Supported by Sumet | Brooklyn | $ 74.5 million
Metropolitan Realty Group obtained this loan from Orix Real Estate Capital for 12 plots at 198, 202, 204, 208, 226, 230 and 234 South First Street; 237, 233 and 231 South Second Street; 215 Roebling Street; and 209 South Third Street in Williamsburg. These properties house apartment buildings, known collectively as Sumet I, with 200 units.
8) Riverdale refi | Bronx | $ 70 million
A&E Real Estate Holdings landed this plot-backed loan at 5530-5572 and 5535-5565 Netherland Avenue in the Riverdale neighborhood. The four properties, called Riverdale Gardens, have buildings totaling 438 apartments. The loan was issued by Signature Bank.
9) Innovo’s industrial game | Queens | $ 62.6 million
Innovo Property Group, a New York-based real estate investment and operating company, secured this loan for the plot located at 23-30 Borden Avenue in Long Island City, where the company plans to build a five-story warehouse of 842,000 square feet. . The company, in partnership with Atalaya Capital Management and Hong Kong-based Nan Fung Group, purchased the property for $ 75 million from Atlas Capital Group in 2019. The loan was issued by Starwood Property Mortgage, a subsidiary of Starwood Property Trust.
10) Chetrit’s industrial refi | Queens | $ 56 million
The Chetrit Group marked this loan backed by the 588,000 square foot distribution facility at 57-18 Flushing Avenue and three countless adjacent plots on 59th Place in Maspeth. The 9-acre site is zoned for manufacturing. UBS Bank USA issued the loan.