Find Real Estate Agents and Homes for Sale

Real Estate News --> New York News

These were the top outer-borough real estate loans in October

The building spans 317,600 square feet and was 94 percent occupied as of August with tenants including the City University of New York and the software firm Maker’s Row. Apollo Commercial Real Estate Finance gave developers Aleksander Goldin and Thomas ...

Archived Story

By Eddie Small | December 04, 2017 03:40PM Clockwise from top left: Dock 72, The Ashland, 33 Lincoln Road/510 Flatbush Avenue) Where have you gone, Madison Realty Capital? After appearing on the list of top 10 outer borough loans a total of four times in August and September, Madison Realty Capital was nowhere to be seen on October’s listIn fact, not a single lender appeared on the list twiceIt was instead dominated by geography, with projects in Downtown Brooklyn taking three of the top 10 spots. Brooklyn dominated the list overall, grabbing seven of the top 10 spots and all of the top five, while the Bronx took two and Queens took oneThe full list of top 10 loans is as follows: 1In the Navy – $250 million Rudin Management and Boston Properties topped October’s list of outer borough loans by securing $250 million from JPMorgan Chase, M&T Bank and U.SBank for their tech-focused office building at Dock 72 in the Brooklyn Navy YardThe building will span 675,000 square feet, and the anchor tenant will be WeWork, which will lease 222,000 square feet of spaceRudin and Boston Properties acquired a 99-year lease for the property in 2015, and their project is part of a massive redevelopment of the area spanning 4.5 million square feet. 2Rise from the Ashland – $217.5 million The number two spot on the list went to Gotham Organization and the Actors Fund, which received a $217.5 million loan for their development of the Ashland, a 586-unit residential building at 250 Ashland Place standing 53 stories tallThe Downtown Brooklyn project was completed in 2016, and the loan consolidates previous debt on the site with a new loan for $42.5 millionRents at available apartments range from $2,520 to $4,771, according to the project’s website. 3CIM City – $111 million Another Downtown Brooklyn building was at number three on the listBarclays and Citigroup gave CIM Group a 10-year, fixed-rate $111 million loan to buy a 38-story office tower at 16 Court StreetThe Los Angeles-based private equity firm closed on its $171 million purchase of the building in OctoberThe building spans 317,600 square feet and was 94 percent occupied as of August with tenants including the City University of New York and the software firm Maker’s Row. 4Funds with Benefits – $81 million Benefit Street Partners Realty Trust loaned Toby Moskovits’ Heritage Equity Partners $81 million to refinance her 193-unit rental building at 564 StJohn’s Place in Crown HeightsMoskovits’ company bought a controlling stake in the project in 2014 with a $23.5 million Madison Realty Capital loan, and the project, also known as the Frederick, opened earlier this year. 5Apollo 67 – $67 million Apollo Commercial Real Estate Finance gave developers Aleksander Goldin and Thomas Anderson of Anderson Associates a $67 million loan for their pair of residential buildings at 33-31 Lincoln Road and 510 Flatbush Avenue in Prospect-Lefferts GardensThe loan consolidates a new $29 million mortgage with previous debt on the properties and is meant to get the developments from construction financing to a permanent loanThe Lincoln Road building has 90 units, and the Flatbush Avenue building has 51 unitsBoth contain 70 percent market rate housing and 30 percent affordable housing. 6LICondos – $62.3 million Queens makes its first appearance on the list with Deutsche Bank’s $62.3 million loan to CBSK Ironstate for its condo development at 21-30 44th DriveThe loan is part of a larger financing package that also includes $21.1 million of preferred equity from Canyon Partners Real EstateThe project near Court Square will include 85 units and stand eight stories tall. 7In The (University) Heights – $61.4 million The Bronx debuts on the list with the New York Community Bank’s $61.4 million loan to Eric Miller for his building at 2542 University Avenue in University HeightsThe majority of the loan is to refinance existing debt on the property, but it also includes about $1.34 million in new financing, according to The Bronx TimesThe residential building stands five stories tall and contains 56 units of housing, according to StreetEasy. 8DoBro Domination – $58 million Downtown Brooklyn makes its third and final appearance on the list with a $58 million loan from Wells Fargo to the Brodsky GroupThe loan is for Brodsky’s properties at 7 Dekalb Avenue and 70 Fleet StreetBrodsky spent $100 million to obtain a majority stake in 7 Dekalb Avenue over the summer. 9Affordabird Housing – $54.3 million The New York State Housing Finance Agency loaned Thorobird $54.3 million for its Bronx properties at 2195 Morris Avenue, 225 East 179th Street and 220 East 178th StreetThorobird is planning to build two 12-story affordable housing buildings at the East 178th and East 179th Street sites, according to New York YIMBYThe East 178th Street building will contain 52 apartments and a medical office space, while the East 179th Street building will contain 37 apartments. 10Arbor Day – $42 million Arbor Realty Trust loaned Prime Group Holdings $42 million for its self-storage facility at 1098 Rockaway AvenueThe property spans 82,862 square feet, and Prime Storage Group bought it earlier this year for $53 million from Madison Development. Tags: Commercial Real Estate, Residential Real Estate Short URL #mc_embed_signup .mc-field-group input { } #mc_embed_signup .mc-field-group{ min-height:0px; } #mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; } /* Add your own MailChimp form style overrides in your site stylesheet or in this style block. We recommend moving this block and the preceding CSS link to the HEAD of your HTML file*/ Subscribe to our e-Lerts New York Real Estate News Daily Updates Weekly Roundup South Florida Real Estate News Daily Updates Weekly Roundup Los Angeles Real Estate News Daily Updates Weekly Roundup China Watch Coming soon! Weekly Roundup

Trending New York News:

  • Zillow buys StreetEasy for $50M, sells more stock
  • TV Real Estate: Exploring Harlem History & Hip-Hop Through Marvel’s Luke Cage
  • 5 Real Estate Problems Familiar to New Yorkers
  • Amazon pays top dollar to buy Seattle HQ
  • New York Man Sentenced Up to 18 Years for Real-Estate Scam
  • Should New York City abandon its waterfront?
  • Starbucks' former CEO says the retail real-estate crisis could be great news for the chain
  • New York State: Humans can be buried in pet cemeteries
  • Eichner Lands $420 Million to Build NYC Condo For Super-Rich
  • Man Suspected Of Sexually Abusing Two Pre-Teen Girls In Elmhurst
  • Partnership Led by Apollo Global Real Estate Acquires Central London Data Center Site and Creates New Operator, Volta
  • Trump says he's not running for New York governor
  • Qatar Prime Minister Wants Manhattan’s $100 Million Penthouse: Report
  • Lessons on empire-building from real estate developer Rick Caruso
  • Firm Takes Another Hit in Bid to Collect 'Unconscionable' Fees
  • Source: Real estate mogul Charles Kushner interested in purchasing Marlins
  • New York's rental market is entering a 'slow grind'
  • New York REIT Inc Risk Points versus Real Estate
  • Exclusive: Property investors keen on U.S., Turkey; China stumbles: survey
  • A hot property