Largest Manhattan Real Estate Loan in July Was Aby Rosen CMBS
Clockwsie, from top left: Aby Rosen at 980 Madison Avenue, 258-278 Eighth Avenue, 1 West Street and 511 Lexington Avenue (RFR, JJ Operating, Google Maps)
The top 10 Manhattan home loans on record in July were $ 1.2 billion – far less than the $ 4.5 billion total in June. That month’s number was boosted by the record-breaking $ 3 billion refinancing of SL Green’s One Vanderbilt Tower.
A variety of loans marked the July list, including refinances from ailing hotels and office building owners taking out loans to renovate the post-Covid market.
Here are the borough’s largest real estate loans in July:
1. Artistic Aby | $ 238 million
Aby Rosens RFR Realty refinanced 980 Madison Avenue with a $ 238 million CMBS loan from Credit Suisse subsidiary Column Financial. RFR will pay off $ 230 million in debt from the New York Community and Invesco. The building’s largest tenant is the Gagosian Gallery, which occupies 56,000 square feet.
2. Midtown Magic | $ 183 million
Alchemy-ABR and co-developer JJ Operating secured a $ 183 million home loan from PacWest and Square Mile Capital Management for a 190,000 square foot mixed-use project at 258-278 Eighth Avenue in Chelsea. JJ Operating acquired the property about four years ago for a little over $ 107 million. Target pre-leased 28,000 square feet of the property in November.
3. FiDi Refi | $ 131 million
Moinian Group signed a $ 131.5 million refinancing loan with Deutsche Bank at 1 West Street in the Financial District through the lender’s Dbr Investments. The loan refinances $ 131.5 million from Square Mile Capital for the 492-unit building Moinian purchased for $ 70 million in 2005. It was built in 1902 and is also known as 17 Battery Place.
4. Hotel Hopeful | $ 125 million
HPS Investment Partners granted Andrew Farkas’ Island Capital a US $ 125 million loan to purchase the Lexington Hotel for US $ 185 million in a joint venture with Three Wall Capital and MCR. The 725-key building at 511 Lexington Avenue in Midtown opened in 1929 and was a listed building in 2016. The pandemic has mothballed about a third of the city’s hotel inventory.
5. Office optics | $ 100 million
Bank of America consolidated existing loans and added a $ 62.6 million fill-in-the-gap loan to 80 Pine Street from Rudin Management in FiDi. The additional funds will be used for a comprehensive renovation of the 60-year-old, 38-story tower. Rudin Management opened the 1.2 million square foot building designed by Emery Roth & Sons in 1960. It has an area of nearly 800,000 square meters.
6. In with the new | $ 125 million
The water-powered elevators at 817 Broadway were removed after Taconic Partners, Nuveen and Squire acquired the 126-year-old office building in 2016. Now a $ 125 million refinancing loan from Ares Commercial Capital and Criterion Real Estate Capital that will provide $ 90 million of senior debt and $ 35 million in mezzanine finance will cover tenant fit-out and lease costs and an acquisition loan settle for $ 102 million.
7. Oak finish | $ 75 million
Oak Hill Advisors has refinanced Sam Chang’s McSam Hotel Group property at 16 East 39th Street in the Garment District through a limited partnership, Re-Us Hyce Holding. The package replaces a $ 67.5 million Deutsche Bank loan and includes $ 7.5 million in new debt as a gap-based loan. Samir Gandhi signed the loan for McSam, PincusCo reported.
8. Korean beef | $ 65 million
Seoul-based Nonghyup Bank provided Tarvos Capital Partners with $ 65.3 million in financing for its group of Meatpacking District properties at 44-54 Ninth Avenue, 351 West 14th Street and 362-364 West 15th Street . Tarvos plans to develop the properties into a 129,000 square meter complex with 69 apartments and 60,000 square meters of retail space.
9. Waterfall hotel | $ 65 million
A Waterfall Asset Management fund has provided McSam-Hotel 535 Eighth Avenue with US $ 64.8 million in debt to refinance a US $ 63.5 million loan granted by Deutsche Bank in February 2020/25 / sam-chang-unloads-garment-district-hotel of the 320-key Garment District hotel valued at $ 47.4 million to NY 8th Ave Investor, a Delaware limited company, in June.
10. Diamonds & Mystery | $ 65 million
Hana Financial Group’s subsidiary, Keb Hana Bank USA, loaned the latest purchaser of 576 Fifth Avenue, an 80,000-square-foot building in the Diamond District, $ 60 million plus a $ 5 million revolving line of credit. The identity of this buyer, who spent $ 101 million on the purchase in July, remains a mystery. The property is about 50 percent occupied.
Contact Orion Jones