Top NYC loans recorded in April 2020
111 East 48th Street in Plaza District (Credit: Google)
1) Qatari investor Constellation Hotels Holding Limited with minority owner InterContinental Hotels Group as borrower signed a loan agreement with lender National Bank Of Kuwait valued at $230 million at 111 East 48th Street in the Plaza District.
2) TF Cornerstone borrowed$198 million from lender Empire State Development Corp. and PNC Bank. The $198 million loan package included $160.2 million in debt from Empire State Development which was assigned to PNC Bank and $37.8 million in debt from PNC Bank. PNC then assigned the $198 million to Fannie Mae.
3) GFP Real Estate borrowed $194 million from lender CTL Capital. GFP and Meadow Partners recorded the sale of the dormitory condominium unit to The New School for $65.4 million in February, but the sale is structured over time. The loan is for rehabilitation. The prior debt was from Mack Real Estate Credit Strategies.
4) Bruce Ratner’s family holdings refinanced a large Brooklyn portfolio of new construction rental buildings, the bulk of which were put on the market last year for sale with an asking price of $200 million.
5) Rubin Schron’s Cammeby’s International Group borrowed $114 million from New York Community Bank. The last time the property sold was March 12, 2015, when Cammeby’s and Thor Equities bought the building for $194 million. The prior debt totaling $120 million was provided by Ladder Capital.
6) Innovo Property Group and Square Mile Capital Management borrowed $83 million from lender Bank OZK. The Real Deal reported that Bank OZK and the finance arm of EverWest Real Estate Investors provided a $305 million construction loan. The debt package recorded last month does not include a building loan or a project loan. It includes a gap loan of $29 million and refinances $54 million provided in 2017 by TH Commercial Mortgage.
7) The Brodsky Organization increased the debt from $53 million in 2011 to $82 million in this transaction. The new loan was provided by Wells Fargo and assigned to Fannie Mae, as was the prior loan.
8) The Soho Apple store is located in this building. The prior lender Safra National Bank provided a $47.1 million loan to Centurion Realty in 2011. That loan was assigned to Credit Agricole and $30.3 million in a gap loan was added.
9) The debt on the Chetrit Group property was reduced from a high of $71 million in 2018.
10) Lloyd Goldman’s BLDG Management borrowed $46 million from lender Santander Bank.