Largest Outer-Borough Real Estate Loans November 2020

While outer-borough loan activity in November fell short of October’s nearly $2 billion, it was an improvement over previous months. In total, the total volume of the top 10 loans was $1.34 billion — a big increase over the $494 million in activity in September.

The largest loan was a $298 million refinancing deal for Eliot Spitzer’s massive development at 420 Kent Avenue in Williamsburg, followed by a $193.9 million loan for Two Trees Management’s rental building at 300 Ashland Place in Fort Greene.

Along with those two giant loans, three other Brooklyn mortgages made it into the list. Here are the largest outer-borough loans for the month of November:

1) Spitzer refi | Brooklyn | $298 million

Eliot Spitzer’s development firm secured a $298 million mortgage loan from Citigroup as part of the $388 million refinancing package for its massive rental complex at 420 Kent Avenue in Williamsburg. The 1.5 million-square-foot waterfront complex consists of three glass towers designed by Eran Chen’s ODA New York, with 857 rental apartments, 25,000 square feet of retail and 80,000 square feet of outdoor space.

2) All in on Ashland | Brooklyn | $193.9 million

Two Trees Management, through the entity 20 Lafayette, borrowed $193.9 million from Wells Fargo Bank for its 35-story, 379-unit rental apartment building at 300 Ashland Place in Fort Greene. Designed by TEN Arquitectos’ Enrique Norten and Ismael Leyva Architects, the luxury rental apartment building opened in 2017.

3) Alexander’s apartments | Queens | $94 million

Vornado Realty Trust borrowed $94 million from Wells Fargo for The Alexander, a 312-unit residential building at 61-01 Junction Boulevard in Rego Park. The property is part of Alexander’s, a real estate investment trust controlled by Vornado. The interest-only loan has a fixed rate of 2.63 percent and matures in November 2027, according to Vornado’s financial statements.

4) Borrowing in the Bronx | Bronx | $54 million

JCS Realty Group landed on three loans totaling $54 million for its project to develop a 12-story mixed-use building in Mott Haven. The project, featuring 215 apartments and 4,300 square feet of commercial space, will be located at 276 Grand Concourse. The lender was S3 Capital Partners, through an entity called S3 RE 276 GC Funding.

5) Borrowing in the Bronx, pt. 2 | Bronx | $44.2 million

Related Companies, through the entity Related Retail Hub, borrowed $44.2 million for three parcels at 2984 Third Avenue and 3006 Third Avenue, as well as a vacant lot on Bergen Avenue in the Bronx, from Goldman Sachs Bank.

6) Flush with cash | Brooklyn | $40 million

Riverside Developers USA, through the entity Flushing & Little Nassau, borrowed $40 million from Bank Leumi USA for two parcels at 376 and 378 Flushing Avenue in Bedford-Stuyvesant. Riverside plans to build an eight-story, mixed-use building on the two sites, featuring 75 residential units and about 10,000 square feet of commercial space.

7) Banking on Bergen | Brooklyn | $30 million

Alma Realty, through the entity 467-75 St. Marks Ave. Assoc., borrowed $30 million from Deutsche Bank for 880 Bergen Street in Crown Heights. The parcel houses a 14-story multifamily building with 136 apartments.

8) Look for the Helpers | Bronx | $27.8 million

Help USA., a housing advocacy nonprofit, through the entity Home Simpson, borrowed $27.8 million from Sterling National Bank for 1210 Simpson Street in the Bronx. The nonprofit plans to construct a seven-story, 72-unit community facility on that site.

9) Eight is great | Bronx | $25.9 million

Benzion Wachsman’s Andrews Plaza Holdings borrowed $25.9 million from New York City Community Bank for eight parcels in the Bronx: 1725 and 1760 Andrews Avenue South; 1759-1761 Montgomery Avenue; 1785 and 1800 Popham Avenue; 1820 Phelan Place; 1840 Sedgwick Avenue; and Billingsley Terrace. Seven of those parcels are home to multifamily buildings, while the eighth at Billingsley Terrace is a vacant lot.

10) Turner back time | Brooklyn | $25 million

Turner Towers Cooperative borrowed $25 million from Morgan Stanley for its site at 135 Eastern Parkway in Prospect Heights. Built in 1926, the 15-story, 186-unit building was initially a rental apartment complex, but was later turned into a cooperative, according to Streeteasy.