A few of Manhattan’s marquee properties are reeling in marquee loans. From rent-stabilized megacomplexes and trophy workplace condos to supertall towers and transformed workplace blocks, lenders wrote nine-figure (and one ten-figure) checks to refinance, reset or reposition a few of the metropolis’s most intently watched properties. December’s prime offers spanned neighborhoods and property sorts, however all concerned high-profile buildings with well-capitalized house owners.
All instructed, lenders on the 5 largest offers in Manhattan parted methods with nearly $5.6 billion.
Listed here are extra particulars.
Stuy City shuffle | $3.15B | Stuyvesant City
Wells Fargo offered a $3.15 billion mortgage to refinance Blackstone’s Stuyvesant City-Peter Cooper Village as a $3 billion debt from Fannie Mae backing Manhattan’s largest condo advanced was nearing maturity. Since buying the advanced alongside a Canadian pension fund for $5.5 billion in 2015, Blackstone has invested $460 million into the property. That features renovations, expansions and the set up of 9,600 photo voltaic panels. The entire 11,250 items are rent-stabilized.
Conversion cash-in | $835M | Monetary District
Apollo and GIC offered an $835 million mortgage to refinance 25 Water Road, the 1,320-unit office-to-residential conversion by GFP Actual Property, Metro Loft and Rockwood Capital. The contemporary financing changed a $536 million loan from Michael Dell’s MSD Companions and Apollo Business Actual Property Finance. On the time in 2022, the mortgage was the most important for an office-to-residential conversion in United States historical past. Leasing started on the former 1.1 million-square-foot workplace property — dubbed SoMA for South Manhattan — within the final days of January 2025 and move-ins started the next month.
Supertall haul | $640M | Midtown
Carlyle Group offered a $640 million apartment stock mortgage for Rabina’s supertall at 520 Fifth Avenue. The contemporary financing replaces a $540 million building mortgage from Financial institution OZK and Carlyle’s World Credit score enterprise because the mixed-use tower transitions to leasing and gross sales. The 1,000-foot challenge situated close to the Empire State Constructing now stands because the tallest tower on Fifth Avenue in that stretch of Midtown. The property combines 25 flooring of workplaces and 100 luxurious condominiums. Condo sales launched in April 2024 and the constructing’s personal membership, Moss, opened in November and the workplaces are open for tenant move-ins.
KKR ca-ching | $500M | Hudson Yards
Bank of America offered a $500 million mortgage to KKR for 2 workplace condominiums at 30 Hudson Yards. The contemporary financing changed a $490 million mortgage from Deutsche Financial institution. KKR bought the highest 10 workplace flooring of the constructing, spanning about 343,000 sq. toes, in 2015 and moved its company workplaces there. It later inked a 220,000-square-foot lease for area vacated by Fb father or mother firm Meta Platforms. The corporate additionally bought a majority stake within the statement deck – the tallest out of doors deck within the Western hemisphere – for greater than $500 million in 2021.
Retail refi | $450M | Midtown
Credit Agricole offered a $450 million mortgage for the retail portion of 715-717 Fifth Avenue after Kering offered a 60 p.c stake within the property to non-public fairness agency Ardian. Kering purchased the 115,000-square-foot property about two years in the past from Jeff Sutton and SL Inexperienced for $963 million. The father or mother firm of Gucci, Balenciaga and Alexander McQueen scored $690 million in proceeds within the deal, which valued the property at $900 million. Kering has been seeking to offload properties to enhance its stability sheet after its debt soared to roughly $12 billion on the finish of 2024.
Learn extra
Blackstone refinances Stuy Town with $3B loan
GFP Real Estate, Metro Loft land $835M refi at 25 Water Street
Rabina reels in $640M refi for Fifth Avenue supertall
