Lenders pumped huge bucks into outer borough multifamily properties in December, from low-rise residential buildings to sprawling multi-building complexes.
Greenbrook Companions and Carlyle Group scored the month’s largest mortgage for his or her huge townhouse assortment unfold throughout Brooklyn and Queens. Clipper Fairness’s riverfront residential tower landed long-term financing from JPMorgan Chase and Citibank, and Madison Realty Capital scored a bridge mortgage for its 473-unit multifamily growth Greenpoint Central.
Even workplace made a cameo, with JEMB Realty securing recent debt as a part of a recapitalization at 1 Willoughby Sq. in Downtown Brooklyn.
Listed here are December’s high 5 outer borough loans.
Carlyle money | $486M | a number of neighborhoods in Brooklyn and Queens
Walker & Dunlop originated a $485.6 million Freddie Mac mortgage to refinance a sprawling multifamily portfolio owned by Greenbrook Companions and Carlyle Group. The recent financing for the 262-townhouse portfolio spanning a number of Brooklyn and Queens neighborhoods changed a $500 million mortgage from Invesco. Walker & Dunlop’s Matthew Wallach, Stephen West and Walker Layne organized the 10-year floating-rate mortgage. Carlyle teamed up with Greenbrook in 2021 and stitched collectively a half-billion-dollar portfolio of small condo buildings that fall into the town’s 2A/2B tax designation, which limits will increase on actual property taxes to not more than 8 % a yr. These properties have not more than 10 models and are typically principally free-market, avoiding the extreme restrictions imposed on owners by the 2019 rent stabilization law.
Riverfront refi | $405M | Greenpoint
JPMorgan Chase and Citibank supplied a $405 million mortgage to refinance Clipper Fairness’s Tower 77 in Greenpoint. The recent financing for a 746-unit complicated at 77 Business Avenue transformed final yr’s $430 million bridge loan right into a five-year time period. Clipper landed the bridge mortgage final Could, months after topping out building on the three-building complicated. That debt retired a $386 million building mortgage supplied by the Financial institution of China and SL Inexperienced shortly into the pandemic. The 799,000-square-foot property, unspooled alongside the East River, was designed by CentraRuddy Structure. There are 230 inexpensive models, in addition to 40,000 sq. ft of facilities, together with a pool, a sauna, a health middle, a tennis court docket, a recreation room and a pet spa.
Multifamily moolah | $285M | Greenpoint
TPG Real Estate Credit supplied a $285 million mortgage for Madison Realty Capital’s 473-unit multifamily growth Greenpoint Central. The bridge mortgage for 65 and 75 Dupont Avenue replaces a $180 million building mortgage from Elliott Funding Administration. Situated on a Superfund website as soon as belonging to a plastics factory, the event contains studio, one‑ and two‑bed room residences, 30 % of them inexpensive. Madison took possession of the troubled undertaking in 2021 after Bo Jin Zhu’s DuPont Avenue Builders filed for chapter.
Blackstone bucks | $269M | Forest Hills
Wells Fargo supplied a $269 million mortgage to Blackstone for a sprawling multifamily condo complicated and an adjoining workplace constructing in Forest Hills. The recent financing for 104-20 and 104-70 Queens Boulevard changed a $269 million mortgage from Newmark. Blackstone purchased the 1,327-unit three-tower condo complicated, often called Parker Towers, and the adjoining workplace constructing in 2018 for $475 million.
JEMB juice | $125M | Downtown Brooklyn
Deutsche Bank supplied a $125 million mortgage for the decrease flooring of JEMB Realty’s workplace tower at 1 Willoughby Sq.. The brand new mortgage was a part of a posh transaction that included new fairness and the division of the 35-story tower into condos. Among the many newest spherical of traders is Edmond Safra, a member of the Safra banking family, alongside Adnane Mousannif’s AVRS Companions and KSR Capital principals Abraham Kassin and Morris Sabbagh. The Deutsche mortgage features a $75 million A-note offered right into a CMBS conduit. The sponsors additionally kicked in $68.5 million in recent fairness, in keeping with Fitch, used largely to retire $179.5 million of current debt, cowl closing prices and seed an almost $10 million reserve.
Learn extra
David Bistricer secures $450M for Greenpoint rental complex
Madison Realty nabs $180M to build in Greenpoint
Blackstone buys Jack Parker’s Parker Towers for $500M
