Illustrative photo including a view of the Third on Bankside in Mott Haven (top left), the Cunningham apartment complex in Queens Village (bottom left), and 47-05 Center Boulevard in Long Island City (right) (Google Maps, LoopNet, iStock)
The 10 largest real estate loans registered in New York City’s outer boroughs in March totaled $1.03 billion, about half the amount seen in March 2021, when refinancing deals were in the grip of the pandemic, but up from $820 million in February.
Five of the 10 loans were issued in the Bronx, four in Queens and three in Brooklyn (one loan went to a portfolio covering all three boroughs). Multi-family properties have proven to be creditworthy as rentals have largely recovered from the pandemic, while industrial storage and self-storage have also been popular among lenders.
Here are the details:
1. Riverside Banking | 438 million dollars
Brookfield received $438 million from Apollo Global Management to build a 982,000 square foot, mixed-use building at 101 Lincoln Avenue in Mott Haven. The 25-story South Bronx development will feature 921 residential units. The Apollo loan arises from $369 million in debt and consolidates an existing mortgage loan of $69.5 million obtained from HSBC.
The site is part of a larger Brookfield development that will cover 4.3 acres and provide more than 1,350 apartments, 30 percent of which will be affordable.
2. Lock rate | 210 million dollars
Rockrose Development has refinanced debt at 47-05 Center Boulevard, a 396-unit luxury apartment building in Long Island City, with a $210 million loan from MetLife. The 15-year interest on the loan closed in December and includes $83.7 million in new proceeds from Queens West Development Corporation, a New York state-run nonprofit that oversees the redevelopment of a former industrial waterfront property along the East River.
3. The King of Queens | 130 million dollars
Douglas Eisenberg’s A&E Real Estate has used a $103 million takeover loan from Signature Bank to purchase the 22-building Cunningham Heights apartment complex in Queens Village – the largest multi-family transaction in Queens since the start of the pandemic. A&E spent $130 million on more than 1,000 units of the 1950s-era complex.
4. Warehouse website | $61 million
Logistics investor Seagis Property Group has received $60.8 million in loan proceeds from JPMorgan Chase to refinance seven industrial properties spanning 200,000 square feet in Brooklyn, Queens and the Bronx. The largest single loan of $20.8 million was secured through a 67,000-square-foot warehouse at 57-00 49th Place in Maspeth, Queens, where plans were submitted last summer to install rooftop refrigeration compressor units.
5. Storage spread | 56 million dollars
Brookfield Property Group used $56.3 million in loan proceeds from Wells Fargo to purchase self-storage buildings in Clinton Hill, East New York and Bushwick, Brooklyn, for $90 million. Wells Fargo created $14.3 million in prior consolidated debt and loans on the property.
6. Atlanta Connection | 49 million dollars
Storage Post, the Atlanta-based self-storage facility operator, used a $48.75 million loan from JPMorgan Chase to purchase a 3,300-unit storage building at 3350 Park Avenue, as well as an adjacent parking lot, in the Morrisania section of the Bronx for $64. Million. The loan originated on $23.3 million in proceeds, and refinanced previous debt held by Santander Bank.
7. Getting there | 40 million dollars
Connecticut-based Dynamic Star has received $40 million in loan proceeds, including a new $15.5 million gap loan, from Columbia Pacific at 320 West Fordham Road in the Bronx. Funds replace debt held by BH3 management. Dynamic Star submitted plans in November for a four-building project with 602 housing units on the University Heights site.
8. Zoo Life | $29 million
Omni New York has received a $28.6 million loan from Merchants Bank of Indiana against the multi-family properties at 711 Garden Street and 2260 Crotona Avenue in East Tremont, The Bronx, which combine 277 units. Omni purchased the buildings located near the Bronx Zoo in 2010.
9. He went shopping | 25 million dollars
AAG Management has refinanced a 97,000-square-foot shopping mall at 132-01 20th Avenue in College Point, Queens, with a $25 million loan from the Reinsurance Group of America. The Missouri-based lender created nearly $1 million in debt and redeemed loans held by New York Community Bank. The building is occupied by ShopRite and Petco supermarkets.
10. Bed-Stuy Rental | 23 million dollars
BRP Companies and the nonprofit Bedford Stuyvesant Restoration have received a $23.2 million loan from Merchants Bank of Indiana at 1320 Fulton Street, a 57-unit rental building in Bedford-Stuyvesant. Construction was completed in 2017 at a cost of $21 million, according to BRP.
