Top CRE loans of January 2025

The year started out with a bang for the owners of the luxury Hudson Yards office tower The Spiral.

Tishman Speyer and Henry Crown kicked off 2025 with a massive CMBS loan at the 66-story skyscraper, which just landed a 301,000-square-foot lease deal with private equity giant TPG. It was the first major single-asset, single-borrower bond sale tied to commercial mortgage-backed securities this year. It’s a promising sign for other top-tier office towers looking for financing. About $950 billion in CRE mortgages are set to mature in 2025, according to S&P Global.

Lenders doled out dollars to a variety of other asset classes, including JEMB Realty’s mixed-use building in Herald Square where Yeshiva University is setting up a campus. An office-to-resi conversion, residential and industrial buildings and a hotel also landed loans.

TRD broke down January’s five largest loans in Manhattan and the top five in the outer boroughs:

Towering refi | $2.9B | Hudson Yards

JPMorgan Chase with Bank of America, Goldman Sachs, and Wells Fargo provided a $2.85 billion CMBS loan to Tishman Speyer and Henry Crown for their Hudson Yards office tower, The Spiral. Proceeds will refinance existing debt at 66 Hudson Boulevard (including a $1.37 billion construction loan and $216 million tied to EB-5 investors), going towards tenant reserves and return equity to the sponsor. An additional $200 million in debt is expected to be securitized in future deals. The 2.8 million-square-foot building opened in 2023 and counts tenants such as HSBC’s US headquarters, Pfizer (the anchor tenant), and Debevoise & Plimpton LLP.

JEMB juice | $300M | Herald Square

Bank of Montreal provided a $300 million loan for JEMB Realty’s Herald Center, where Yeshiva University recently inked a lease for a large health sciences campus. The fresh financing replaced a $255 million CMBS loan for 1293 Broadway that was set to mature last January, when JEMB put up a “significant equity infusion” in exchange for a 1-year extension with an option for another two 12-month extensions. Yeshiva signed a 32-year condominium leasehold and will take 160,000 square feet on floors five through nine of the 250,000-square-foot mixed-use property, as well as space on the ground floor and mezzanine levels. H&M occupies about 25 percent of the building.

Conversion cash | $288M | Financial District

BDT & MSD Partners provided a $288 million construction loan for Jeff Gural’s GFP Real Estate and TPG Real Estate’s latest Financial District office-to-residential conversion. The joint venture partners plan to transform the 770,000-square-foot building at 222 Broadway into a 31-story, 798-unit residential property. The partners were eyeing a conversion when they purchased the property in June from DWS for $150 million.

Rental buy | $225M | Harlem

Citibank originated a $225 million Freddie Mac loan to Urban American for its purchase of the large West Harlem rental complex at 3333 Broadway. Urban American, Alicia Glen’s MSquared and a group of investors bought the five-building complex from Brookfield Properties in January for $323.5 million. Urban American has been a partner in the investment since 2007. The company is hanging on to its role as property manager after the deal closed before the end of last year.

Multifamily moolah | $219M | Mott Haven

JLL Real Estate Capital originated a $219 million Freddie Mac loan for the Domain Companies’ multifamily development in the Bronx. The 11-story buildings at 414 and 445 Gerard Avenue, called the Estela, have 544 market-rate and affordable units. The firm paid a total of $38.5 million for four Mott Haven sites in 2019. Move-ins started in May 2023; the building is 90 percent leased, New York YIMBY reported.

Condo cash | $200M | Upper West Side

Deutsche Bank provided a $200 million loan to InterVest Capital Partners for its Upper West Side condo building with a $440 million sellout price. The loan for 720 West End Avenue replaces a $181 million loan from Pacific Western Bank, which then assigned the debt to Security Benefit two years later, PincusCo reported. InterVest and Glacier Equities teamed up on the 131-unit West Side project in a 1927 building. The property was purchased for $165 million in 2021. Units are priced between $1 million to more than $12 million.

Frito-Loan | $100M | East Williamsburg

TPG provided a $99.8 million loan to Bridge Investment Group for four East Williamsburg industrial properties. The properties include the Frito-Lay distribution center at 222 Morgan Avenue, which Bridge purchased in December for $105.3 million. The loan is also secured by 202-218 Morgan Avenue and 274 Russell Street.

Resi refi | $96M | Belmont, Bronx

Starwood Property provided a $96 million loan to Sioni Group for The Arabella, a nine-story residential building in the Bronx. The recently-completed 165-unit building at 4720 Third Avenue includes retail space anchored by the German grocery chain Aldi and 60 affordable units.

Pod wad | $76M | Williamsburg

JPMorgan Chase and Citibank provided a $76 million loan to CBSK Ironstate for Brooklyn’s Pod Hotel. The partnership between CB Developers, SK Development Group and Ironstate Development developed the 249-key budget hotel at 247 Metropolitan Avenue, which opened in 2017. The loan replaced a $78 million loan from Prime Finance.

Rehab refi | $76M | Canarsie

First American Capital Group provided a $72.4 million loan to River Manor Corporation’s Atrium Center for Rehabilitation & Nursing. The fresh financing for the 380-bed facility at 611 East 103rd Street in Canarsie replaced a $70 million loan from CIBC Bank. River Manor Corporation is run by Joel and Constance Leifer.