These are Manhattan’s biggest home loans in July
Manhattan’s top commercial lenders rebounded in July, granting $2.3 billion of the 10 largest in-fund loans so borrowers could refinance, buy and redevelop real estate.
The amount topped a slow June, when the top 10 loans totaled just $630 million, as well as last July’s tally of $1.2 billion.
A series of refinancings for office and residential buildings paved the way. Below are more details on the top 10:
The anchors weigh | $370 million
SL Safe Green $370 million from Aareal Capital to refinance its 930,000 square foot office building at 100 Church Street in Tribeca. The funds include a new $4.7 million loan and replace debt previously held by Wells Fargo. New York City is an anchor tenant in the building, where 92,000 square feet are currently vacant, and an additional 95,000 square feet will be available in 2024, according to SL Green. The loan has a floating interest rate, according to brokerage firm Walker & Dunlop.
Road to recovery | $320 million
Andrew Penson’s Argent Ventures consolidated loans are worth $320 million – previously owned by Deutsche Bank, Morgan Stanley and Industrial and Commercial Bank of China – at 1601 Broadway, where a maze of landlords defaulted on the building’s $330million mortgage.
The 46-story Times Square building includes a Crowne Plaza hotel and approximately 230,000 square feet of office space, as well as a donut shop and Krispy Kreme retail store.
Argent began buying building debt in 2020 at a steep discount as the pandemic ravaged the leisure and hospitality industry, not to mention office owners. The property owners, including the Walber family, Vornado Realty Trust and SL Green, were represented in the loan deal by Richard Shinder of Theatine Partners, which specializes in financial restructuring. SL Green was ordered to sell its stake in the building to Penson’s Argent earlier this year.
JPMorgan’s Millions | $315 million
Eli Elefant’s Property & Building Corporation has refinanced its HSBC tower in Midtown with $315 million from JPMorgan. Some $75 million was new debt, which will go towards renovations to the 1980s building. Improvements to the building follow the implosion of an $855 million sale when potential buyer Innovo failed to managed to raise enough investment, despite a $650 million term sheet from JPMorgan. Total refinancing for 452 Fifth Avenue amounts to 385 million dollars. JPMorgan replaced Wells Fargo as lead lender.
Downtown Area | $257 million
A joint venture between Zeckendorf Development and Atlas Capital Group is secured $257 million of Blackstone Real Estate Debt Strategies for their $340 million purchase of 570 Washington Street, a 1.3 acre site off the West Side Highway in the West Village. The partners plan to build a condo tower there on the model of 15 Central Park West in Zeckendorf.
Trifecta | $256 million
Moinian Group secured $256 million from Deutsche Bank, including $25 million in new debt, to refinance an 818,000 square foot portion of 17 Battery Place, a two-building rental complex in the financial district known as Ocean’s name. Condo unit twowhich includes floors 1 to 13 in the south building, and unit three, which includes the entire north building, guaranteed the loans. Natixis Real Estate Capital and Square Mile Capital were previous lenders. Moinian landed $140 million to refinance the upper half of the south building in 2018 from Berkadia Commercial Mortgage.
Took a | $192 million
Fisher Brothers pulled $14.6 million from its luxury residential building at 225 East 39th Street in Murray Hill with a $192 million refinance the New York Life Insurance Company loan. The funds for the lease of 297 units, completed in 2017, replace the building’s construction loan, issued by Milwaukee-based Northwestern Mutual.
Rapid refinancing | $174 million
Columbia Property Trust has obtained a $174 million Blackstone Real Estate Debt Strategies agreement to refinance 799 Broadway, a 150,000 square foot, 12-story office building that was completed last April. The agreement is part of a financing package of $270 million. Tenants of the new office offering include Wellington Management and Bain Venture Capital.
Village office | $155 million
Meadow Partners used a $155 million loan of Deutsche Pfandbriefbank to buy a 220,000 square foot building at 95 Morton Street in the West Village for $288 million. RFR was the seller and Wells Fargo was the previous lender. RFR bought the building in 2017 from Brickman Associates for $206 million. The address is also known as 617 Washington Street, and tenants include Paypal and Venmo.
FiDi Funds | $137 million
Atlas Capital Group has extracted $27.5 million from 15 Park Row, a historic 332-unit apartment building in the Financial District, thanks to a $136.5 million refinance loan of Berkshire Residential Investments. Atlas bought the half-empty building last year for $140 million, and Todd English is set to open a 20,000 square foot restaurant there. The building, completed in 1899, spent nearly a decade as the tallest in the world. It was converted from offices to residential use in the early 2000s.
Ze Germans | $117 million
Dermot Companies refinanced an Upper East Side apartment building in 220 East 72nd Street with $116.5 million, including $9 million in new debt for interior renovations, from German lender Helaba. HSBC was the previous lender. Dermot bought the 145-unit apartment building from former New York Governor Eliot Spitzer’s family business in 2019 for $160 million. A three-bedroom apartment currently costs $13,000 a month, after concessions.