Trending

Outer boroughs overtake Manhattan for large real estate loans

October’s 10 biggest debt deals in Brooklyn, Bronx and Queens combined for $417M

218 Front Street, 722 and 730 Court Street and 144-10 135th Avenue (Google Maps)
218 Front Street, 722 and 730 Court Street and 144-10 135th Avenue (Google Maps)

In a rare triumph for the outer boroughs, the top borrowers in Brooklyn, the Bronx and Queens last month got more love from real estate lenders than those in Manhattan.

The ten largest real estate loans recorded in the three boroughs in October totaled $417 million, a decline from September’s $477 million but enough to push past Manhattan, where lenders dispersed just $359 million — about half of September’s total.

Residential, industrial and hospitality properties in Brooklyn took the top three spots, respectively. Below are more details on each of the top 10:

Vinegar bills | Brooklyn | $99 million

Cheskel Schwimmer’s Chess Builders nailed down $99 million in construction and gap financing from Valley National Bank to build a seven-story mixed-use development with 218 residential units at, fittingly, 218 Front Street in Vinegar Hill. Valley National also took over a $36 million acquisition loan originated by Popular Bank last year.

Cash canal | Brooklyn | $80 million

Scott Rechler’s RXR Realty and LBA Logistics secured $79.7 million in construction financing from Bank OZK to build at 722 and 730 Court Street in Red Hook, near the mouth of the Gowanus Canal. The parcels have 37,000 and 49,000 square feet, respectively. The joint venture filed plans last year for a small one-story building at 730 Court Street after acquiring the site as part of a $123 million deal for a large waterfront industrial portfolio, which Bank OZK financed. The land is zoned for manufacturing uses.

JFK stop over | Queens | $44 million

Hospitality firm ASAP Holdings secured $43.7 million from Atlanta-based Stonehill Strategic Capital to refinance debt on a 216-key Hampton Inn hotel near JFK Airport at 144-10 135th Avenue in South Ozone Park. The loan includes nearly $9 million in new financing, and replaces debt previously held by Wells Fargo.

Jamaica my day | Queens | $35 million

George Xu’s Century Development Group landed $35.2 million from Webster Bank, including $5.2 million in new debt, to refinance a 109-unit multifamily building called Archer House at 148-37 88th Avenue in Jamaica, Queens. The building was completed last year and the loan replaces debt held by Berkshire Residential Investments.

Sign Up for the undefined Newsletter

Senior loan | Queens | $32 million

David Marx’s Marx Development secured $32 million, including $23 million in gap financing, from Bankwell Bank secured by a 146,000-square-foot nursing home at 33-23 Union Street in Flushing, Queens. The loan replaces debt held by Capital One Multifamily Finance. Marx recently sold a nursing home in East New York to Sentosa Care for $40.4 million.

Brunner’s Brooklyn | $27.5 million

Joseph Brunner received $27.5 million, including $10.7 million in new debt, from Webster Bank to refinance a 61-unit multifamily building at 125 Kings Highway in Gravesend, Brooklyn. The loan on the building, which was completed this year, replaces debt held by Investors Bank.

Under new management | The Bronx | $26 million

Ayush Kapahi received $25.8 million from Popular Bank, including new gap financing of $11 million, for the development of a 91-unit multifamily building at 218 Bush Street in Tremont, the Bronx. Kapahi signed as the manager of the property owner, Anthony Bush Development LLC, although he is more commonly known as a principal at HKS Capital Advisors. Michael Froning of Stagg Group recently filed electricity permits for the eight-story, 61,000-square-foot project, which was first proposed by Kim Tasher’s SKF Development in 2018.

Bed-Stuy buy | Brooklyn | $25 million

An affiliate of SKW Funding and Dalan Management received $25 million from Amalgamated Bank to buy 1520 Fulton Street, a 44-unit multifamily building in Bedford-Stuyvesant, for $34.5 million. The 68,000-square-foot building was completed in 2015.

Rental refinance | The Bronx | $25 million

Lai-ho Chen’s Coralton Realty received $24.8 million, including $5.4 million in gap financing, from BCB Bank to refinance 3120 Corlear Avenue, a 10-story multifamily building with 48 apartments in Kingsbridge, the Bronx. The building spans 65,500 square feet, according to city records.

Senior debt | The Bronx | $24 million

The Fieldston Lodge Nursing and Rehabilitation Center received $23.8 million from Newpoint Real Estate Capital, including $5 million in newly originated funds, secured by 666 Kappock Street, a 69,000-square-foot nursing home in Spuyten Duyvil, the Bronx. David Landa signed for the loan, which replaces debt held by Banco Popular.

Recommended For You