Manhattan’s biggest home loans in June 2021
Manhattan’s 10 biggest home loans on record in June totaled $ 4.5 billion – the highest since June 2019 and almost as much as the previous three months combined.
Most of that total came from a single massive transaction – One Vanderbilt’s $ 3 billion SL Green refinance, which was the largest single-property commercial mortgage-backed security loan ever. CMBS refinancing for office buildings has now dominated Manhattan’s lending rankings for eight of the past 10 months.
Here are the borough’s biggest mortgage loans in June:
1) S (eeing) L (ots of) Green | $ 3 billion
According to the rating documents, this record refinancing of the 1.6 million square foot office tower next to Grand Central involved nine banks – Wells Fargo, Goldman Sachs, Bank of America, Bank of China, Bank of Montreal, Deutsche Bank, JPMorgan Chase, Barclays and Citi. The loan brought in about $ 1 billion in equity to developers SL Green, the National Pension Service of Korea and Hines.
2) Allure giver | $ 230 million
Nightingale Properties and Wafra Capital Partners have secured a major financial package for the acquisition and redevelopment of 111 Wall Street, including a $ 230 million senior loan from PIMCO and $ 180 million mezzanine debt from Oaktree Capital, Bain Capital and SKW Funding. The deal also included $ 89 million from Petros PACE Finance, in what was New York City’s first-ever C-PACE loan.
3) NoWo in SoHo | $ 227 million
Ares Management has provided this loan to Northwood Investors for its $ 325 million acquisition of two office buildings in Soho at 520 and 524 Broadway. The properties had belonged to the Propp family for several decades and were previously undebted. Tenants include Keith McNally’s Balthazar restaurant, Aritzia clothing store, and WeWork.
4) Battery charged | $ 224 million
Brookfield Property Partners has secured a $ 224 million refinancing from Standard Chartered for 1 North End Avenue, a 15-story office building in Battery Park City. The 559,000 square foot building was developed in 1996 for the New York Mercantile Exchange, which remains a tenant. Brookfield acquired the property in 2013 for $ 200 million, incorporating it into its sprawling Brookfield Place campus.
5) Agency address | $ 220 million
Wells Fargo and JPMorgan provided this CMBS refinancing for a 16-story office condominium at 375 Pearl Street with 32 floors. The property is an office and data center building owned by Sabey Corporation and National Real Estate Advisors. According to Kroll, the unit is fully leased to four New York City government agencies – the Human Resources Administration, the Finance Department, the NYPD, and the Sanitation Department.
6) Midtown Mortgage | $ 185 million
The William Kaufman Organization and the Travelers Companies refinanced 437 Madison Avenue with a loan from Wells Fargo. Tenants at the 40-story Midtown office building include Cambridge Associates, Munich American Reassurance Company, Citizens Bank, and Carnegie Corporation of New York.
7) DivcoDette | $ 112 million
DivcoWest financed its $ 134 million acquisition of 325 Hudson Street from Jamestown Properties with a loan from United Overseas Bank. The old industrial building sits atop the transatlantic cables and high-speed fiber optic corridors that run through Lower Manhattan, making it popular with telecom and tech tenants.
8) Contingency fund | $ 108 million
Forethought Life Insurance Company provided a $ 108 million loan to Glenwood Management to refinance 1930 Broadway, a 30-story, 232-unit luxury rental tower in Lincoln Square. Also known as The Grand Tier, the property was built in 2002 and has units that rent for up to $ 13,000 per month, according to StreetEasy.
9) Alchemical conversion | $ 100 million
Alchemy-ABR Investment Partners and Cain International have secured $ 250 million in funding for the development of an office tower on Billionaires’ Row, of which $ 100 million in senior debt has been provided by Security Benefit Life Insurance. The site, which includes the Calvary Baptist Church building at 125 West 57th Street, is expected to be transformed into a 26-story tower.
10) FPI refi | $ 93 million
Ascott Residence Trust, a Singaporean REIT that owns 86 hotels in 15 countries, has refinanced the Sheraton Tribeca New York hotel at 350 Canal Street with a $ 92.8 million loan from Oversea-Chinese Banking Corporation. Ascott is a subsidiary of CapitaLand Limited, one of the largest real estate companies in Asia.