Premium real estate financing slowed in July compared to the previous month, with the 10 largest loans totaling less than $ 1 billion.
Only three nine-figure loans were issued, following five in June – and the top 10 loans totaled $ 1.42 billion. But July was an improvement from the $ 700 million figure a year ago.
Queens and Brooklyn each had four of the 10 biggest loans in July.
Here is the full list:
1) Construction of the Pacific Park | Brooklyn | $ 337.3 million
TF Cornerstone has secured this construction loan from Wells Fargo for its mixed-use development of 798 units at 595 and 615 Dean Street in Prospect Heights. The two-tower project is part of the Pacific Park complex initially managed by Greenland Forest City Partners. In 2019, TF Cornerstone joined the initiative by acquiring the two Greenland plots for $ 143 million. Upon completion, the TF Cornerstone complex will offer 558 market-priced rentals and 240 affordable units, as well as ground-level retail, a health club and 455 underground parking spaces.
2) Parkhill City refi | Queens | $ 225 million
Chetrit Group secured this loan for its three plots under development into a luxury rental apartment complex known as Parkhill City in Jamaica. One, at 152-09 88th Avenue, known as Parkhill City Phase 1, is already up and running, with a studio listed for $ 2,125 per month on StreetEasy. The CBMS loan issued by Starwood Capital and the Bank of Montreal consolidated existing loans for the development of 481 units at two sites on 88th Avenue that previously housed the Mary Immaculate Hospital.
3) Industrial JV | Queens | $ 112 million
The international logistics investor GLP has secured this mortgage for two plots located at 66-31 and 67-25 Otto Road in Glendale. The properties are side by side and each has a warehouse. The entities that own them have the same address in Santa Monica, Calif., As GLP on documents signed by Brian Milberg, director of New Jersey-based private equity firm Sitex Group, which buys and sells industrial property. . Milberg said The real deal last year that Sitex owns these properties and that GLP is its equity partner.
4) Mixed-use construction | Queens | $ 71.3 million
The Hakimian organization secured this construction loan from Pacific Western Bank backed by its two adjacent plots at 72-01 Queens Boulevard and 72-30 45th Avenue in Elmhurst. Hakimian planned a 12-story, 346-unit mixed-use development with 18,000 square feet of retail space. Aufgang Architects designed the project.
5) Warehouse at resi | Bronx | $ 60 million
RXR Realty has secured this construction loan from Bank of America for its property located at 2413 Third Avenue in Mott Haven. The developer plans to build a 27-storey, 200-unit residential building comprising a mix of affordable and market-priced units. The company headed by Scott Rechler bought the Somerset Partners property from Keith Rubenstein last year for around $ 23.7 million. It housed a warehouse.
6) Mixed-use development | Bronx | $ 49.5 million
Sam Kafif’s Harrico Realty got this construction loan from Starling National Bank for 1850 Jerome Avenue, also known as 2 Mount Hope Place, in Morris Heights. On the quarter-acre lot, the Bronx developer plans an 11-story mixed-use building with 164 residential units and approximately 30,000 square feet of retail space.
7) Mixed development | Brooklyn | $ 46 million
Abraham Leifer’s Aview Equities obtained this loan from G4 Capital Partners for its property at 57 Caton Place in Windsor Terrace. The loan aims to consolidate existing debt while allocating approximately $ 35 million for construction. It was not clear if the developer had filed plans for the site with the Buildings Department, but New York YIMBY reported in 2018 that an anonymous developer had filed for rezoning for the site to make room for a nine-storey mixed-use building.
8) Fill it in here | Queens | $ 33.8 million
Self-service storage company Insite Property Group secured this construction loan from Valley National Bank for their property located at 131-21 14th Avenue in College Point. Insite, which has offices in California, Florida and New Jersey, recently acquired the property for $ 15.25 million from Safeguard Self Storage. Insite plans to build a four-story, 132,000-square-foot self-storage facility under the SecureSpace brand, according to the company’s website.
9) Multi-family construction | Brooklyn | $ 30.1 million
David Bistricer’s Clipper Equity has secured this construction loan from Bank Leumi to construct a seven-storey, 143-unit rental property on three plots abutting 426 and 428 Rodney Street and 118 Hope Street in Williamsburg. The loan appears to be part of the $ 79 million debt package that Clipper received from Bank Leumi, together with Bank of Princeton, according to public records and previous reports.
10) Greenpoint Landing Loans | Brooklyn | $ 30 million
Park Tower Group obtained this mortgage from Signature Bank for the parcel located at 16 rue Dupont and an adjacent property on rue Dupont. Park Tower Group and Brookfield Properties are co-developers of the Greenpoint Landing community, whose master plan spans 22 acres. These two plots are part of the ongoing mega-development of Brooklyn’s waterfront.