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Manhattan’s Biggest Home Loans in August


Office buildings in Manhattan accounted for most of the big refinancing loans in August (LH Charney Associates Inc., Paramount Group Inc., City Realty, 1450 Broadway, Terminal Warehouse)

Manhattan’s ten biggest home loans in August totaled $ 3.2 billion, almost triple the $ 1.2 billion in July.

Construction loan for Chelsea’s Terminal Warehouse tops The Real Deal’s loan list, while near-zero interest rates allow property owners to refinance debts rather than sell assets at discounted price.

Office buildings made up most of the big refinance loans last month, although a modular hotel on the Lower East Side and a residential building in Hell’s Kitchen also got loans.

Here are the borough’s biggest mortgage loans in August:

1. Warehouse Whopper | $ 1.25 billion

L&L Holding Company and Columbia Property Trust have entered into a $ 1.25 billion loan for the 1.3 million square foot Terminal Warehouse located on 11th Avenue between West 27th and 28th Streets in Chelsea. Blackstone, Goldman Sachs and KKR loaned the senior Portion of $ 731 million, while Oaktree Capital Management and Paramount Group have lent at the mezzanine level.

2. Love that low interest | $ 860 million

The Paramount Group has landed $ 860 million from Wells Fargo and Morgan Stanley to refinance outstanding debt that will mature in November at 1301 Sixth Avenue in Midtown. Senior loan debt amounts to $ 710 million. Each lender will provide a mezzanine loan of $ 75 million. Paramount lost tenant Barclays, who had leased a third of the building, in 2020.

3. A Refi crosses it | $ 235 million

River Place of Silverstein Properties, a luxury rental development in Hell’s Kitchen, received a $ 235 million Bridging loan from Greystone Loan Servicing to replace a $ 230 million Fannie Mae loan granted by Wells Fargo in 2014. Silverstein constructed the 41-story, 921-unit rental property at 650 West 42nd Street, near the Hudson River, in 2000. Two-bedroom units currently cost about $ 6,500.

4. CMBS Me | $ 215 million

Bobby Zar’s ZG Capital Partners secured another refinancing at 1450 Broadway. The Zar Group subsidiary organized a $ 215 million Bank of Montreal commercial mortgage-backed securities lending for five years, interest-free. The loan replaces a 2018 refi from Goldman Sachs of $ 170 million, which replaced a $ 114 million loan from UBS Real Estate Securities. ZG Capital purchased the 42-story property from a Moinian Group, Chetrit Group and Edward J. Minskoff Equities company in 2011 for $ 204 million.

5. Oldie but Goodie | $ 148 million

LH Charney Associates has secured a $ 148 million refinancing loan for a 387,000 square foot office building at 1410 Broadway. Pacific Coast Capital Partners provided the debt. Manhattan office owners, especially those with older buildings, are under pressure to modernize in order to attract tenants. LH Charney, owner of the property for four decades, is no exception.

6. Home improvement honey | $ 134 million

Gazit Horizons, a subsidiary of Israeli investment firm Gazit Globe, has refinanced its 120,000 square foot commercial building at 410 East 61st Street with $ 134.4 million in bonds, secured by a 20-year lease with home improvement giant Home Depot. Mesirow Financial issued and placed the bonds. The Home Depot lease, signed last October, was Manhattan’s largest in terms of size and rent in 2020.

7. CMBS Me too | $ 125 million

David Werner got $ 125 million in CMBS financing – debt owned by investors rather than a bank – at 235 East 42nd Street in Midtown. Werner took over the lease from Pfizer in a $ 360 million deal in 2018 that included interest on fees at 219 East 42nd. The loan replaces Morgan Stanley’s $ 125 million. Pfizer will move its headquarters in Spiral from Tishman Speyer to Hudson Yards.

8. Co-ownership costs | $ 100 million

CBSK Ironstate and Arel Capital, the promoters of 1228 Madison Avenue, have secured a $ 100 million refinancing loan from Madison Realty Capital. The Upper East Side condominium development financing designed by Robert AM Stern included $ 70 million senior financing to replace a $ 65 million construction loan granted by Deutsche Bank in 2019.

9. Modular mathematics | $ 83 million

CitizenM hotels have been awarded a $ 82.5 million refinance JPMorgan Chase’s loan on its modular hotel at 189 Bowery. The loan replaces an $ 82.5 million debt that HBSC issued in 2018 after construction was completed.

10. Soho Shop | $ 81 million

Boston-based AEW Capital Management has landed $ 81 million in senior loan financing, provided by Ares Management, for its purchase of a mid-new mid-renovated office building in Soho for an amount of $ 86.2 million. AEW purchased the 98,400 square foot building at 163 Varick Street, also known as 60 Charlton Street, from APF Properties in July.

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