Largest Foreign Real Estate Loans November 2020


From left: Eliot Spitzer, 420 Kent Avenue, Jed Walentas from Two Trees Management and 300 Ashland Place in Brooklyn (Photos via Getty; ODA Architecture, 300 Ashland)

While lending activity in the outskirts fell in November October nearly $ 2 billion, an improvement over the previous months. Overall, the total volume of the top 10 loans was $ 1.34 billion – a sharp increase from $ 494 million for the year September.

The largest loan was a $ 298 million refinance for Eliot Spitzer’s massive development at 420 Kent Avenue in Williamsburg, followed by a $ 193.9 million loan for Two Trees Management’s rental building on 300 Ashland Place in Fort Greene.

Along with those two giant loans, three more Brooklyn mortgages made the list. Here are the largest suburban loans for the month of November:

1) Spitzer refi | Brooklyn | $ 298 million

Eliot Spitzer’s development company secured itself $ 298 million mortgage loan from Citigroup as part of the $ 388 million refinancing package for its huge rental complex at 420 Kent Avenue in Williamsburg. The 1.5 million square meter waterfront complex consists of three glass towers designed by Eran Chens ODA New York, with 857 rental apartments, 25,000 square feet of retail space and 80,000 square feet of outdoor space.

2) Everything in Ashland | Brooklyn | $ 193.9 million

Two Trees Management, through the entity 20 Lafayette, Borrowed $ 193.9 million from Wells Fargo Bank for their 35-story 379-unit rental apartment building at 300 Ashland Place in Fort Greene. Designed by Enrique Norten and Ismael Leyva Architects from TEN Arquitectos, the luxury rental apartment building opened in 2017.

3) Alexander’s apartments | Queens | $ 94 million

Vornado Realty Trust borrowed $ 94 million from Wells Fargo for The Alexander, a 312-unit residential building on 61-01 Junction Boulevard in Rego Park. The property is part of Alexander’s, a real estate fund controlled by Vornado. The interest-free loan has a fixed interest rate of 2.63 percent and, according to Vornado’s annual financial statements, runs in November 2027.

4) Borrowing in the Bronx | Bronx | $ 54 million

JCS Realty Group received three loans totaling $ 54 million for their project to develop a 12-story mixed-use building in Mott Haven. The project with 215 apartments and 4,300 square meters of commercial space will be located in the 276 Grand Concourse. The lender was S3 Capital Partners through a company called S3 RE 276 GC Funding.

5) Borrowing in the Bronx, Pt. 2 | Bronx | $ 44.2 million

Affiliates borrowed $ 44.2 million through the Related Retail Hub company from Goldman Sachs Bank for three lots at 2984 Third Avenue and 3006 Third Avenues and vacant lot on Bergen Avenue, Bronx.

6) flushing with cash | Brooklyn | $ 40 million

Riverside Developers USA has borrowed $ 40 million from Bank Leumi USA through Flushing & Little Nassau for two properties at 376 and 378 Flushing Avenue in Bedford-Stuyvesant. Riverside plans to build an eight-story, mixed-use building with 75 residential units and around 10,000 square meters of commercial space on the two properties.

7) banking on mountains | Brooklyn | $ 30 million

Alma Realty was established through 467-75 St. Marks Ave. Assoc. loaned $ 30 million from Deutsche Bank for 880 Bergen Street in Crown Heights. The parcel houses a 14-storey apartment building with 136 apartments.

8) Look for the helpers | Bronx | $ 27.8 million

Help USA., A nonprofit housing association, has borrowed $ 27.8 million from Sterling National Bank for 1210 Simpson Street in the Bronx through the Home Simpson facility. The non-profit organization plans to build a seven-story community facility with 72 units at this location.

9) Eight is great | Bronx | $ 25.9 million

Benzion Wachsman’s Andrews Plaza Holdings borrowed $ 25.9 million from the New York City Community Bank for eight parcels in the Bronx: 1725 and 1760 Andrews Avenue South; 1759-1761 Montgomery Avenue; 1785 and 1800 Popham Avenues; 1820 Phelan Square; 1840 Sedgwick Avenue; and Billingsley Terrace. Seven of these lots are home to apartment buildings, while the eighth at Billingsley Terrace is vacant.

10) Turner back time | Brooklyn | $ 25 million

Turner Towers Cooperative borrowed $ 25 million from Morgan Stanley for its location on 135 Eastern Parkway in Prospect Heights. The 15-story building with 186 units, built in 1926, was initially a rental apartment complex, but was later converted into a cooperative, according to Streeteasy.


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