A photographic illustration including a rendering of Third at 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 home loans recorded in New York’s outer boroughs in March totaled $1.03 billion, about half the amount seen in March 2021, when refinances dominated amid the pandemic, but more than $820 million from 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 proved solvent as rents largely recovered from the pandemic, while industrial and self-storage were also popular among lenders.
Here are the details :
1. Banking on the bank | $438 million
Brookfield received $438 million from Global Apollo Management to construct a 982,000 square foot mixed-use building at 101 Lincoln Avenue in Mott Haven. The 25-story South Bronx development will have 921 residential units. Apollo’s loan generates $369 million in debt and consolidates an existing $69.5 million mortgage acquired from HSBC.
The site is part of a larger Brookfield project that will cover 4.3 acres and produce over 1,350 apartments, 30% of which will be affordable.
2. Lock rate | $210 million
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. Interest on the 15-year loan was frozen in December and includes $83.7 million in new product from the Queens West Development Corporation, a New York State-run nonprofit overseeing the redevelopment of old industrial waterfront properties along the East River.
3. King of Queens | $130 million
Douglas Eisenberg’s A&E Real Estate used a $103 million acquisition loan from Signature Bank to buy the 22-building Cunningham Heights apartment complex in Queens Village – the largest multi-family transaction in Queens since the pandemic began. A&E spent $130 million on the complex of more than 1,000 units dating back to the 1950s.
4. Warehouse Web | $61 million
Logistics investor Seagis Property Group 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 by a 67,000 square foot warehouse at 57-00 49th Place in Maspeth, Queens, where plans were filed last summer to install refrigeration compressors on the roof.
5. Storage spread | $56 million
Brookfield Real Estate Group used $56.3 million in the proceeds of a loan from Wells Fargo to buy self-storage buildings in Clinton Hill, East New York and Bushwick, Brooklyn, for $90 million. Wells Fargo incurred $14.3 million in debt and consolidated previous loans on the properties.
6. Atlanta Call | $49 million
Storage Post, an Atlanta-based operator of self-storage facilities, used a $48.75 million loan from JPMorgan Chase to buy a 3,300-unit storage building at 3350 Park Avenue, plus adjacent parking, in the Morrisania section of the Bronx for $64 million. The loan generated proceeds of $23.3 million and refinanced previous debt held by Santander Bank.
7. Getting there | $40 million
Connecticut-based Dynamic Star received $40 million in loan proceeds, including a new $15.5 million loan, from Columbia Pacific at 320 West Fordham Road in the Bronx. The funds replace the debt held by BH3 Management. Dynamic Star filed plans in November for a four-building project with 602 residential units at the University Heights site.
8. Zoo Life | $29 million
Omni New York received a $28.6 million Merchants Bank of Indiana loan secured by multifamily properties at 711 Garden Street and 2260 Crotona Avenue in East Tremont, Bronx, which combine for 277 units. Omni purchased the buildings, which sit near the Bronx Zoo, in 2010.
9. Go shopping | $25 million
AAG Management has refinanced a 97,000 square foot shopping center at 132-01 20th Avenue in College Point, Queens, with a $25 millionn loan from the Reinsurance Group of America. The Missouri-based lender took on nearly $1 million in debt and replaced loans held by New York Community Bank. The building is occupied by a ShopRite supermarket and a Petco.
10. Rental Room-Studio | $23 million
BRP Companies and the nonprofit Bedford Stuyvesant Restoration Corporation received a $23.2 million Merchants Bank of Indiana loan to 1320 Fulton Street, a 57-unit rental property in Bedford-Stuyvesant. Construction was completed in 2017 at a cost of $21 million, according to BRP.
