The 10 largest home loans in the outer boroughs in December totaled $1.37 billion, eclipsing the November sum, as well as the December totals of 2020 and 2019.
The largest loan went to a pandemic-spurred project, a gargantuan last-mile delivery center in Sunset Park, while others went to residential rental properties in Bushwick, Dumbo, Rego Park and Downtown Brooklyn.
Here are the details.
1. Last Mile Loan | $342 million
DH Property Holdings and Dov Hertz’s Bridge Development Partners received $185 million in construction loans from JPMorgan Chase for a 1.3 million square foot last-mile delivery warehouse at 75 20th Street in Sunset Park. JPMorgan consolidated an additional senior loan of $157 million, which included $57 million of new debt. The Brooklyn Mammoth’s total funding is $442 million.
2. Dweller for dinner | $306 million
Atlas Capital Group has received $306 million from the proceeds of a senior loan from Square Mile Capital to purchase the Denizen, a 911-unit residential complex in Bushwick. The acquisition financing was $367.5 million, by brokerage firm Meridian Capital Group. All Year Holding developed the Brooklyn property and sold it through Chapter 11 bankruptcy proceedings.
3. Rental track | $154 million
Scott Rechler’s RXR has consolidated $154 million in mortgages with Capital One Bank for RXR’s purchase of CIM Group’s rental portion and LIVWRK’s luxury development at 85 Jay Street, also known as 160 Front Street, in Dumbo. In September, RXR secured $143 million in loans for its 12-story multi-family development at 475 Clermont Avenue in Clinton Hill.
4. Rego Park Climb | $115 million
Avi Matatov’s RB Realty Capital has secured $115 million in construction, consolidation and spread financing from Madison Realty Capital for a large new building at 98-08 Queens Boulevard in Rego Park. Total financing for the 22-story building, which will include 155 rental units and 31 condominiums, is $125 million.
5. Dash for DoBro | $101 million
The Jay Group received a $100.8 million loan from G4 Capital Partners to acquire 100 Fleet Place in downtown Brooklyn and construct a 21-story mixed-use building covering 305,000 square feet with 292 residential units. Acquisition and construction financing were provided concurrently, with construction proceeds of $78.8 million.
6. Consequences of the industrial city | $77 million
A subsidiary of Belvedere Capital secured a $77 million mortgage from Blackstone Mortgage Trust, backed by a portfolio of 12 Industry City buildings in Sunset Park, Brooklyn. Recent companies to lease space on campus include Amazon, Porsche and Volvo. A campus rezoning plan, held by Belvedere Capital, Jamestown, Cammeby’s International and Angelo Gordon & Co., broke down in 2020 due to opposition from then-City Council member Carlos Menchaca.
7. Rabsky’s Awakening | $72 million
The Rabsky Group has received $72 million in construction loan proceeds from SCALE, the lending arm of Slate Property Group, for a 30-story apartment building at 240 Willoughby Street in Fort Greene. In nearby downtown Brooklyn, Rabsky landed $450 million in September from Madison Realty Capital to build a pair of towers over 1,000 units.
8. Newtown Creek Land Preserve | $70 million
Larga Vista Companies has secured $70 million in loan proceeds from MetLife Real Estate Lending, backed by 363,000 square feet of land located at 362, 364 and 394 Maspeth Avenue in East Williamsburg, Brooklyn. The loan includes $45 million in new debt and refinances $25 million in debt with Valley National Bank. No new building permits have been filed on the sites. The land abuts Newtown Creek, which separates Brooklyn and Queens and connects to the East River.
9. Letting go | $66 million
HUBB NYC Properties received a $66 million loan from M&T Bank to purchase a 169-unit rental property at 255 North 7th Street in Williamsburg, Brooklyn, for $116 million. Greystar has sold the property, having acquired it in 2016 for $125 million, according to property records.
10. Take Me To Church | $62 million
Juda Klein’s Parkview Management has refinanced its luxury rental property at 329 Broadway in Williamsburg with $62 million proceeds from Valley National Bank. The financing agreement includes $12.9 million in new debt, according to property records. The 16-story building enjoyed air rights to a historic Lutheran church at 306 Rodney Street, which it connects to by air bridge.