The dollar volume of the 10 largest commercial real estate loans in the municipality in May was $ 1.6 billion, almost double than a year ago, as well as the April total.
But it’s too early to tell if the spike is a sign of recovery: the volume was much higher in March to $ 1.96 billion. And these are only the top 10 loans, not the entire loan universe.
Two loans topped the $ 100 million mark, both for Brooklyn development projects. Four of the 10 were in Brooklyn, four in Queens, and one in the Bronx. One loan was for properties in the Bronx, Brooklyn, and Queens.
Here is the complete list:
1) Greenpoint Resi Tower | Brooklyn | $ 188.4 million
Brookfield Properties obtained this construction loan to build a 31-story, 413-unit residential building at two sites on Commercial Street in Greenpoint. The lender was Otera Capital of Montreal. The building is one of 11 residential towers planned for the Greenpoint Landing waterfront development. The Greenpoint Landing master plan calls for 5,500 units, of which 1,400 will have income restrictions.
2) DoBro office building | Brooklyn | $ 181 million
Savanna secured this construction loan for a project to build a 24-story, 310,000-square-foot office building on a triangular-shaped site consisting of three lots: at 270 Flatbush Avenue Extension, also known as 141 Willoughby Street; and 383 and 385 Gold Street. The lender was Pimco. Savanna acquired the downtown Brooklyn site from the Institute of Design and Construction for $ 28 million in 2014 and originally planned to construct a mixed-use building with 270 apartments. But the real estate investment firm changed the plan to just offices.
3) Residential Refi LIC | Queens | $ 70 million
Solomon Feder got this refinancing loan for his nine floors, 158-unit building at 45-57 Davis Street in Long Island City. The lender was Shelter Growth Capital Partners based in Stamford, Connecticut. About 30 percent of the units in the building will be reserved as affordable housing for households with 130 percent of the area median income, from $ 73,920 to $ 183,300, depending on family size.
4) Another resi in LIC | Queens | $ 64.23 million
Ascent Development secured this construction loan to raise a 24-story, 92-unit residential building in a set of eight parcels at 45-31 Davis Street in Long Island City. The lender was Preferred Bank. The mid-block set has facades that face Davis and Pearson streets and is a stone’s throw from the Wolkoff Group. Development of 5Pointz LIC.
5) More residency in LIC | Queens | $ 55 million
SB Development obtained this construction loan from Scale Property Group to erect a 23-story, 86-unit mixed-use building at 41-05 29th Street in Long Island City. In 2018, the developer said The royal agreement that the residential units would be condominiums. The building will have 5,700 square feet of retail space, based on plans submitted to the city.
6) Riverdale Cooperative Shelter | Bronx | $ 48 million
Whitehall Tenants Corp. obtained this refinancing from Banco Santander. The Whitehall Cooperative, at 333 Henry Hudson Parkway in Riverdale, has 439 units with one to three bedrooms, according to Streeteasy.
7) Industrial game | Queens | $ 39.05 million
South Florida-based logistics investor Elion Partners secured this loan to fund its Acquisition of $ 58.1 million of a 180,000-square-foot warehouse at 182-20 Liberty Avenue in Jamaica. The lender was FS Investments. The sellers were private families who had wholesale businesses outside of the building.
8) Self-storage game | Bronx, Brooklyn and Queens | $ 38 million
Matthew Sprayregen obtained this loan backed by storage facilities at 1041-1045 Webster Avenue, 1112-1128 Brook Avenue, 359 Wales Avenue and 2165 and 2181 Jerome Avenue in the Bronx; 160 John Street in Brooklyn; and 37-19 Crescent Street in Queens. The seven properties have 312,509 square feet of built space, according to PincusCo.
9) Residencial de Santa María | Brooklyn | $ 35.7 million
Quinlan Development Group obtained this construction loan for a project to build a 17-story multi-family development on a parcel at 230 Classon Avenue in Clinton Hill owned by St. Mary’s Episcopal Church. The lender was CIT Bank. The structure will house 138 one- and two-bedroom rentals, according to YIMBY.
10) Housing for the elderly on the rise | Brooklyn | $ 30.1 million
Impact Brooklyn, formerly known as Pratt Area Community Council, obtained this construction loan for a project to construct a four-story, 63-unit senior housing development at 811 Lexington Avenue in Bedford-Stuyvesant. TD Bank was the lender. The project is in collaboration with the property owner, Northeastern Conference of Seventh Day Adventists. The units will be available to low-income seniors who receive rental subsidies, according to the Impact Brooklyn website.