Biggest Manhattan Home Loans of March 2020

The Coca-Cola building at 711 Fifth Avenue with Michael Shvo and 1411 Broadway (Credit: Google Maps)

UPDATE, April 13, 4:01 p.m.: Manhattan’s 10 biggest loans on record in March totaled $ 2.7 billion, more than 50% more from February total. Developer Michael shvo closed on two loans that were on the list, the most important of which – a refinance for the Coca-Cola building.

1) Shvoca Cola – $ 545 million
A partnership led by Michael Shvo has secured a $ 545 million loan from Goldman Sachs and Bank of America to refinance the Coca-Cola building. Shvo’s group – which includes Turkish developer Bilgili Holding, private equity firm Deutsche Finance America and German pension fund Bayerische Versorgungskammer (BVK) – acquired the property in September for $ 937 million from Nightingale Properties and Wafra Capital Partners, just weeks after buying it from Coca Cola.

2) RefiDi – $ 510 million
Silverstein Properties and UBS Realty Investors have obtained a $ 510 million refinancing, including $ 410 million in fixed rate debt and $ 100 million in variable rate debt, led by Wells Fargo and including Bank of New York and US Bank as lenders. The new debt replaced a $ 310 million CMBS loan from Wells Fargo in 2013. Silverstein recently closed a $ 50 million loan renovation in the iconic office tower that included the opening of a rooftop restaurant and bar, the Banker’s Club.

3) Ivanhoé: a finance – 450 million dollars
The Canadian pension fund Ivanhoé Cambridge, Callahan Capital Properties and Swig Company have obtained a $ 450 million loan from the Bank of China for 1411 Broadway, a 40-story, 1.2 million square foot Midtown office tower. The refinancing replaced a previous debt provided by HSBC in 2012, when Ivanhoé Cambridge acquired a 49.9% participation in the Blackstone Group building.

4) Mendelian refinancing – $ 324 million
Mendel and Eugene Mendelowitz’s Acuity Capital Partners landed a $ 324 million CMBS refinancing for a large multi-family portfolio, comprising 27 properties in Manhattan and one in Brooklyn. Cantor Commercial Real Estate and KeyBank co-arranged the loan, which was to be included in a new single-asset, single-borrower CMBS issue. Due to the coronavirus crisis, the CMBS new issue market is currently frozen.

5) Buildingsworth – $ 240 million
Blackstone Group provided a $ 240 million refinancing to Vanbarton Group for 980 Sixth Avenue, a mixed-use building also known as Hollingsworth (and formerly as Vogue). Vanbarton bought the 400,000 square foot building in 2018 for $ 316 million and secured a $ 205 million mortgage from Brookfield’s debt fund. The 24-story building includes commercial space on the ground floor, offices rented by WeWork since January, and 320 residential units.

6) Shvoho – $ 210 million
In the other big deal of the month from Shvo and his partners, the group got a $ 210 million loan from LoanCore Capital to finance the $ 386 million acquisition of 530 Broadway in Soho. Wharton Properties of Jeff Sutton and Thor Equities of Joe Sitt were the sellers. The 11-story mixed-use building, built in 1898, is fully leased with tenants including Anomaly, JKR, Knotel, Skechers and Club Monaco.

7) Madisoho – $ 168 million
In another Soho acquisition transaction, JPMorgan provided a $ 168 million loan to a group of investors led by Madison Capital for the purchase of 130 Prince Street. Invesco Real Estate sold the five-story, 88,000-square-foot building for $ 206 million. Madison will manage the investment for a group of owners that includes a wealthy individual in the tech industry, sources said.

8) Land loan – $ 135 million
Land lease REIT managed by iStar Safehold got a $ 134.8 million a mortgage from John Hancock Life Insurance Company for the land below 685 Third Avenue, which it had acquired from the Japanese company Unizo Holdings in late December as part of a deal that allowed BentallGreenOak to acquire a leasehold interest in the building. The financing also included an undisclosed amount of mezzanine debt.

9) George and Gaedeke – $ 133 million
Dallas-based Gaedeke Group has secured a $ 133 million acquisition loan from Athene Annuity and Life Company for its $ 200 million purchase of 44 Wall Street from Blackstone. George Comfort & Sons will operate the building on behalf of Gaedeke, and the company also advised Gaedeke on the deal. The 24-story, 354,000 square foot office building is 84 percent occupied.

10) JP Mortgage – $ 130 million
Prudential Insurance Company provided $ 130 million refinancing to JPMorgan Asset Management for Capitol, a rental tower of 39 floors and 387 units in 776 Sixth Avenue. The new debt replaces $ 130 million in financing provided by HSBC in 2012. JPMorgan has owned the property since 2002, after purchasing it from developer Witkoff Group.

11) Going Solow – $ 125 million
Sheldon Solow’s Solow Building Company has refinanced the 14-story office building at 4 West 58th Street with a $ 125 million loan from JPMorgan Chase. The property housed the historic Parisian theater, which closed in August. Solow purchased the building in 1994, keeping the cinema in place, and is currently developing a 19-story condo tower at 7 West 57th Street.

This article has been updated to include the 120 Broadway refinance, loan no. 2, which was wrongly excluded from the ranking.

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Todd Wurtsbach

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