(Extell, Ritz Carlton, Gryffindor, CC BY-SA 3.0, by way of Wikimedia Commons)
After years of authorized wrangling, Gary Barnett’s Extell Growth is shifting ahead with its deliberate apartment tower close to Lincoln Middle. And he has a brand new lender to show it: Financial institution OZK took over the senior debt on the mission with $212 million in new proceeds.
The prolific lender from Little Rock, Arkansas, additionally took over building debt on the Ritz-Carlton Lodge and Residences in Nomad and a resort and apartment constructing at 5 Beekman Avenue within the Monetary District.
Elsewhere, the Chetrits refinanced the previous Commonplace Oil constructing downtown, and Larry Silverstein secured financing for his agency’s acquisition of a 400-unit condominium constructing within the Monetary District for $248 million.
Beneath are extra particulars on the ten largest actual property loans recorded in Manhattan in February, which totaled $1.6 billion — greater than double the quantity recorded in February 2021, however lower than half of January’s $3.6 billion.
Table of Contents
1. Financial institution OZK takes over | $400 million
Gary Barnett’s Extell Growth obtained $400 million in mortgage proceeds from Financial institution OZK, together with $212 million of recent debt, for its apartment tower at 50 West 66th Avenue on the Higher West Aspect. Complete financing for the 775-foot tower involves $967 million, the Business Observer reported. Financial institution OZK will exchange French financial institution Natixis because the senior lender on the mission.
2. Commonplace spoils | $290 million
The Chetrit Group obtained $290 million in mortgage proceeds, together with $70 million in new debt, to refinance its Nineteenth-century workplace constructing at 26 Broadway. The full financing bundle, led by Financial institution of Montreal and Starwood Mortgage Capital, shall be offered to CMBS buyers as bonds and quantities to $330 million. The 840,000-square-foot constructing was constructed for John D. Rockefeller’s Commonplace Oil belief in 1885.
3. Massive because the Ritz | $200 million
Financial institution OZK additionally took over building debt on the Ritz-Carlton Lodge and Residences at 1185 Broadway in NoMad with a $200 million refinance mortgage. Atalaya Capital Administration originated the development loans in 2018. Singapore’s United Abroad Financial institution holds the senior debt. Paul Kanavos’ Flag Luxurious Group developed the resort.
4. Empire mind-set | $183 million
Empire State Realty Belief obtained $183 million in mortgage proceeds for its $307 million buy of two condominium buildings: the Victory, at 561 tenth Avenue, and 345 East 94th Avenue. The properties have a mixed 625 models. The vendor, Fetner Properties, retains a ten % curiosity within the buildings. The New York State Housing Finance Company holds the debt.
5. Moist the Beekman | $130 million
Financial institution OZK took over lending at a resort and apartment constructing at 5 Beekman Avenue within the Monetary District with a $130 million mortgage to GFI Capital Assets Group. The mortgage consists of $5 million in new debt. M&T Financial institution was the prior lender.
6. Silver lining | $130 million
A subsidiary of insurance coverage big AIG took over lending at 116 John Avenue with a $130 million refinance mortgage as a part of Larry Silverstein’s $248 million buy of the 400-unit condominium constructing within the Monetary District. The mortgage changed debt held by Brookfield Property Companions.
7. All Gucci | $68.5 million
German lender Deutsche Pfandbriefbank issued a $68.5 million refinance mortgage, together with $6.4 million in new debt, to a international purchaser who bought 375 West Broadway in Soho for $130 million. The constructing homes a ten,000-square-foot Gucci retailer beneath 60,000 sq. toes of workplace house. The mortgage replaces debt held by North Carolina-based Truist Financial institution.
8. Inventory bridge capital | $61.4 million
Ofer Yardeni’s Stonehenge Companions used a $61.4 million mortgage from San Francisco-based Stockbridge Capital Group to buy the Cole, a 163-unit condominium constructing at 354 East 91st Avenue on the Higher East Aspect, for $128.2 million. The mortgage from Stockbridge will repay a $64.1 million CMBS mortgage issued in 2017.
9. Write down | $60.2 million
Financial institution of Montreal issued mortgage proceeds of $60.2 million to consolidate $79 million of debt on a apartment constructing with a checkered monetary historical past at 45 John Avenue within the Monetary District and a 120,000-square-foot purchasing middle at 2109-2127 Emmons Avenue in Sheepshead Bay, Brooklyn. The mortgage replaces debt held by Loancore Capital and Signature Financial institution, respectively. Paperwork tie possession of the properties to actual property investor Alexander Levin.
10. Examine please | $60 million
Hubb Properties obtained $60 million in mortgage proceeds, together with $15.9 million in new debt, from Metlife Actual Property Lending to refinance its latest acquisition: a 141-unit rental and retail constructing at 56 West one hundred and twenty fifth Avenue in South Harlem. Hubb purchased the constructing from developer Jay Group final September for $105 million.