St. John’s Terminal, 498 Seventh Avenue and 666 West End Avenue (COOKFOX Architects, Google Maps)

Manhattan’s 10 biggest loans on record in May totaled $ 1.37 billion, an 85% increase from April but less than half March total.

About 45% of that came from the biggest deal, a huge syndicated construction loan for Oxford Properties Group’s St. John’s terminal that had been underway since February.

Here are the borough’s biggest mortgage loans for the month of May:

1) Terminal recovery | $ 604 million (main part of the $ 973 million package)
The syndication of nearly $ 1 billion in construction finance for the Oxford Properties Group redevelopment of St. John’s Terminal, which began in February when Wells Fargo was selected to run the business, firm may’s beginning. TD Bank, JP Morgan and four other banks also participated in the transaction. Google, the sole tenant, selected the site in 2018 as part of an expansion plan and is expected to move in in 2022.

2) MetLife Mortgage | $ 400 million
MetLife refinanced the 960,000 square foot office building at 498 Seventh Avenue in the Garment District, owned by George Comfort & Sons, Loeb Partners Realty and JP Morgan Asset Management. The new debt replaces a $ 200 million CMBS loan granted by Deutsche Bank in 2011.

3) Stellar performance | $ 119 million
Stellar Management secured this loan from Signature Bank to refinance the 23-story, 355-unit rental property at 666 West End Avenue, also known as Windermere. The new loan replaced $ 110 million in debt first incurred by the New York Community Bank in 2014.

4) Loan from the Legion | $ 70 million
ACORE Capital provided this loan to Legion Investment Group for a condo project at 109 East 79th Street on the Upper East Side. The developer, led by the former CIO of the Naftali group, Victor Sigoura, plans filed last year for a development of 19 floors and 145,000 square feet on the site with 36 condo units. The new debt replaces a $ 55.5 million acquisition loan that Seven Valleys granted last year.

5) Payday Penthouse | $ 50 million
Billionaire of hedge funds Daniel Och received this 30-year mortgage from Citibank for a penthouse at 220 Central Park South acquired for $ 92.7 million in December. The four-bedroom apartment spans approximately 9,800 square feet. Och founded Och-Ziff Capital Management – now renamed Sculptor Capital Management – and stepped down as CEO in 2018.

6) Windsor and lender | $ 41 million
John Hancock Life Insurance provided $ 40.7 million in refinancing to Windsor Tower, a 799-unit cooperative at 5 Tudor City Place. The 25-story building was constructed in 1929 and is one of the tallest towers in the 13-building Tudor City apartment complex in Turtle Bay.

7) Zuck from State Farm | $ 30 million
The Zucker Organization landed a $ 30.2 million in refinancing by State Farm Realty Mortgage for 520 Broome Street (aka 55 Sullivan Street), a nine story, 39 unit rental property with retail and storage condominium units. The building’s retail space houses a Janovic painting and decorating center.

8) K-Town Guarantee | $ 21 million
The owner of the Stanford Hotel at 43 West 32nd Street in Koreatown, Joong Gab Kwon has secured a $ 20.5 million refinancing for the property from KEB Hana Bank. The new debt replaced previous financing provided by Bank Hapoalim in 2015. The 12-story, 124-key hotel has been in the Kwon family since at least the 1980s, according to property records.

9) Edge of downtown | $ 18 million
The National Bank of Sterling has provided a $ 18.3 million refinancing of Edge Property Group’s Edge Hotel at 514 West 168th Street in Washington Heights, replacing previous financing provided by Signature Bank. The 11-story, 54-key hotel was built in 2014.

10) Forty-Fifty financing | $ 18 million
The 40-50 East 10th Street Co-op secured this funding from Bank of New York Mellon for its 10-storey building with 111 apartments. The Greenwich Village Co-operative Building was constructed in 1929 and converted in 1963.


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