Residential projects continued to capture the attention of lenders in August, with the city’s 10 largest home loans in outer boroughs totaling $1.5 billion. Manhattan’s biggest loans hit roughly the same amount last month.
The 10 loans from Brooklyn, Queens and Bronx topped last month’s total as well as last year’s with a healthy mix of projects ranging from residential towers to warehouses. A specific office project even had sugar. Here are the details.
Mount | $348 million
Andrew Chung’s Innovo Property Group has received $348 million from JPMorgan to refinance its vertical warehouse project at 23-30 Borden Avenue in Long Island City. Total financing for the deal was $435 million, with Starwood Property Trust in the mezzanine position. Innovo plans to build a five-story, 842,000 square foot facility across the East River from Midtown. Innovo partnered with Atalaya Capital Management and Hong Kong-based Nan Fung Group to buy the property in 2019 for $75 million.
Tower power | $232 million
The Rockefeller Group and the Park Tower Group have secured $232 million from Japan’s Sumitomo Mitsui Trust Bank to build a 40-story residential tower at 16 Dupont Street in Greenpoint. The building, part of the Greenpoint Landing development, will have 378 apartments and 2,700 square feet of retail space.
Retail Refi | $198 million
Retail REIT Acadia Realty Trust received $198 million from Bank of America, including $66 million in new debt, secured by 570,000 square feet of retail space in the City Point development in downtown Brooklyn. Retail units are located at 1 Dekalb Avenue, 445 Gold Street and 138 Willoughby Street.
Cash me in | $147 million
Self-storage company Prime Group Holdings has secured $147 million from Slate Asset Management to refinance self-storage facilities in Brooklyn, Queens and the Bronx. The debt includes $4.6 million of newly created funds and replaces Pimco as lender. The facilities are located at 1084 Rockaway Avenue, 31-07 20th Avenue and 1260 Zerega Avenue respectively.
Green lease land | $135 million
JEMB Realty has received $135 million from Wells Fargo to construct a 375-unit residential building covering 395,000 square feet at 11 Ocean Parkway and 312 Coney Island Avenue in Windsor Terrace, Brooklyn. The loan is secured by the lease; International Baptist Church Inc. owns the 46,500 square foot land beneath the planned building. The city council approved a zoning change for the site in 2020.
DoBro Transactions | $134 million
Lonicera Partners has secured $134 million in construction financing from City National Bank and Santander for a residential tower in downtown Brooklyn. The 314-unit project at 15 Hanover Place will have 34 floors and is among the last projects approved under the 421a tax program which expired in June. Some 95 units will be reserved as affordable.
Storage Bargain | $106 million
CBRE Investment Management received $106 million from Bank of America, including $61 million in new debt, guaranteed by the Brooklyn Logistics Center in East New York. The funds replace the $45 million that JPMorgan Chase created when the CBRE subsidiary bought the Wildflower warehouses in April for $230 million. The warehouses are operated by Amazon and span 211,000 square feet.
Moving to Mott Haven | $91 million
Jacob Schwimmer’s JCS Realty has secured $90.5 million in construction loans from Valley National Bank to build a 365-unit residential project at 40 Bruckner Boulevard in Mott Haven, Bronx. Schwinner released $105 million from Montgomery Street Capital earlier this year to build a 447-unit apartment building at nearby 138 Bruckner Boulevard.
Specification sugar | $80 million
Two Trees Management has landed $80 million from M&T Bank for the redevelopment of the former Domino Sugar refinery at 292 Kent Avenue in Williamsburg, Brooklyn. The spec project will yield 460,000 square feet of office space, which the developer hopes will fetch rents of $60 to $90 per square foot, Curbed reported. Businesses moving to Brooklyn from lower 96th Street in Manhattan, or from out of town, will be eligible for property tax compensation of $3,000 per employee through the Employment Assistance Program for the resettlement of the city.
Refi Rental | $72 million
Zara Realty has refinanced a 358 apartment residential portfolio in Hollis, Queens with $72 million from Signature Bank. The funds replace New York Community Bank as lender. The properties are located at 88-09, 88-25 and 148-48 148th Street, 191-11 Woodhull Avenue and 91-59 191st Street. Zara acquired the buildings in 2012 for a total of $39 million.