Manhattan loan volume falls by nearly 50 percent in January from prior month: PincusCo

By PincusCo Media

Manhattan loan volume fell by nearly 50 percent in January compared with December, as no big trophy assets were refinanced last month. Queens lending rose by 35 percent, but at $1.9 billion was just a fraction of Manhattan.

Check back in tomorrow for a more detailed lender analysis and a link to the comprehensive data report including individual bank and borrower statistics, geographic and asset class analysis and construction analysis.

Other highlights:

*In a parallel decline, bank lending citywide fell by the same amount, driven in part by the lack of big deals but also a more general pullback by banks

*Bank loans were generally replaced by private debt which saw its share surge from December to January.

*JPMorgan Chase was the top high-volume lender (10 or more loans per month) this month, with $531 million through 37 loans. The bank’s total was down from $877.7 million last month, when it lent on 17 loans.

*Construction lending remained steady at about $3.6 billion each month.

*Overall, NYC loan volume declined from December by just under 26 percent, to $11.2 billion last month compared with $15 billion recorded in December.

*An Apollo Global Management fund provided the largest loan, which was $580 million in senior debt provided to Savanna’s 1 Court Square.

SOURCE: PincusCo Media looked at loans totaling $5 million and up that were recorded in January. Construction loans included new construction and rehabilitation, as long as the debt was identified as a “building loan.” In addition, the figures for construction debt may contain acquisition or refinance debt as well. For loans with multiple lenders, each lender was credited with an amount equal to the loan total divided by the number of lenders.