These were the 10 largest Manhattan real estate loans in June Top financing deal last month was for refi of Independence Plaza
From left: Steven Roth, Independence Plaza at 40 Harrison St, Joseph Chetrit, 500-512 Seventh Avenue, and Joseph Moinian (Credit: Getty, Apartments, and Google Maps)
New York’s real estate lenders are pouring money into Midtown. In June, the largest loans — for refinancing, acquisition and construction — spanned projects including a hotel in Times Square and an office tower in near Bryant Park. The top 10 loans in Manhattan totaled $2.94 billion. See the full list below:
1) Residential refi — $675 million
Vornado Realty Trust and Stellar Management landed a $675 million refinance of Independence Plaza was provided by Goldman Sachs. The loan — on the three-tower luxury residential complex in Tribeca — will be in the form of a single-asset CMBS deal, Independence Plaza Trust 2018-INDP. Independence Plaza, built in 1975, has 1,327 units — and the properties include private outdoor terraces and views of the Hudson River.
2) Bryant Park buy — $463 million
JLL s Capital Markets secured $463 million in acquisition financing for Midtown Manhattan s 5 Bryant Park office tower. The deal was on behalf of the buyer, New York-based Savanna. The firm also completed the sale to Savanna on behalf of the Blackstone Group for $640 million. Standing at 34 stories, 5 Bryant Park includes roughly 38,000 square feet of retail space — and has undergone $107 million in renovations since 2007. The tower is 97 percent leased.
3) Garment District refinancing — $375 million
Moinian Group, Chetrit Group and Minskoff Equities scored a $375 million loan to refinance a Garment District office complex. AIG provided the funds to refinance 500-512 Seventh Avenue — with a loan that replaces older financing from 2006. The Real Deal reported that the investors avoided defaulting on the financing in 2016 by securing an extension. Solil Management controls the land, and tenants of the complex include WeWork.
4) Office space acquisition — $345 million
Wells Fargo is lending $345 million for the acquisition of the office condominium portion of 1745 Broadway. In April, SL Green Realty and Ivanhoe Cambridge were in contract to sell the 685,000-square-foot space to an unidentified “institutional client of Invesco Real Estate.” The condo spans the second through the 26th stories of the 50-story building. Penguin Random House leases 604,000 square feet of the space. PDT Partners, an investment-management company, is the second-largest tenant.
5) HNA skyscraper — $342 million
Natixis, with Paramount Group and Harbor 爱上海同城论坛