The top 10 Manhattan home loans on record in March were $ 1.95 billion, more than double the February total and roughly the same as in January.
For the fifth time since September, the commercial mortgage-backed securities market produced the highest credit of the month. The top two deals, both single-asset CMBS loans for midtown office buildings, accounted for nearly half of the top ten’s total dollar volume.
Here are the county’s largest real estate loans in March:
1) Roth CMBS | $ 525 million
Vornado Realty Trust and the Canada Pension Plan Investment Board secured a $ 525 million refinancing for One Park Avenue, a 22-story office tower. The five-year single asset CMBS bond was provided by Deutsche Bank and Barclays. New York University’s Langone Medical Center signed a 633,000-square-foot lease extension for the property in October.
2) CIMBS | $ 392 million
CIM Group and Australian pension fund QSuper refinanced the 740,000 square meter office building on 1440 Broadway with a $ 392 million CMBS loan from JPMorgan Chase. CIM acquired the 25-story tower in 2017 as part of the liquidation of New York REIT and has since increased its occupancy from 50 to 93 percent by bringing in tenants like WeWork, which rents two Fortune 500 corporate tenants in the building.
3) bank to bank | $ 198 million
Wells Fargo provided a $ 198 million refinancing for the 23-story office building at 125 West 55th Street in the Plaza District. The property is owned by JPMorgan Asset Management and Waterman Interests, who formed a joint venture for the property in 2014. JPMorgan launched the property last January and is targeting approximately $ 550 million. Tenants include the Australian investment bank Macquarie Group and iHeartRadio.
4) ReFrak | $ 150 million
Wells Fargo, which raised four of the month’s top 10 loans, provided LeFrak $ 150 million to refinance 40 West 57th Street in the Plaza District, which is the home of the landlord’s headquarters. The new debt replaced a $ 150 million loan that Capital One granted in 2013.
5) Columbus Collateral | $ 149 million
Colorado-based REIT UDR has secured a $ 149 million loan from Wells Fargo to refinance the residential section of 808 Columbus Avenue, a 359-unit rental tower on the Upper West Side. The property is part of the five-building Columbus Square complex. Wells Fargo also provided two smaller loans to other buildings in the complex, bringing the total to $ 197.5 million.
6) Credit Science | $ 139 million
Jackson National Life Insurance Company provided Taconic Partners, Nuveen, and LaSalle Investment Management with a $ 139 million loan for 125 West End Avenue, a 400,000 square foot life science center on the Upper West Side. Landlords reportedly landed a $ 393 million home loan as part of a $ 600 million recapitalization, but it has yet to be considered on public records.
7) Farm maintenance | $ 108 million
Wells Fargo provided an existing loan of US $ 107.5 million for 99 residential and two commercial units at 15 Hudson Yards owned by Related Companies and the Oxford Properties Group. Sale of the 285-unit freehold building which opened in 2016. The new debt replaces a $ 850 million home loan from the New York State Housing Finance Agency and Children’s Investment Fund in 2015.
8) Lent to Kent | $ 105 million
Extell Development also received a condominium loan last month. The landlord secured a $ 105 million mortgage from Blackstone Real Estate Debt Strategies and GTIS Partners for 49 unsold units in Kent, a 30-story, 104-unit condominium tower at 200 East 95th Street on the Upper East Side.
9) Potamkin Mortgage | $ 95 million
Athene Annuity and Life Company granted a $ 95 million loan to 706 11th Avenue in Hell’s Kitchen, a two-story retail building owned by auto dealer Potamkin Group. The new financing more than doubles the debt on the property, replacing $ 44 million in loans previously provided by AmeriCredit Financial Services.
10) Dunbar Debt | $ 86 million
Fairstead refinanced the 538-unit Dunbar Apartments complex in Central Harlem with a $ 86 million loan from MF1 Capital, a mortgage REIT backed by CBRE Capital Markets, Limekiln Real Estate and the Berkshire Group. The new debt replaces $ 85 million provided by the American General Life Insurance Company in 2018.