From left: Innovo Property Group CEO Andrew Chung with 1110 Oak Point Avenue, Blackstone’s Jon Gray with the Skyview Mall and Joseph Moinian with 123 Linden Boulevard (New York Expo Center, Innovo, The Moinian Group, Getty, Shops at Skyview)
Real estate financing in outer boroughs continued to be healthy in June, at least among larger deals, as the 10 biggest loans totaled $1.42 billion, more than twice the amount of a year ago.
The uptick started in May when the 10 largest loans were worth $1.6 billion, nearly double the May 2020 figure.
Queens and Brooklyn each had four of the 10 largest June loans.
Here is the complete list:
1) Flush with cash | Queens | $285 million
Blackstone Group secured this refinancing from Morgan Stanley for the Shops at Skyview, a 510,000-square-foot retail complex in Flushing. The new loan, which was securitized into a single-asset, commercial-mortgage-backed securities transaction, replaced $306 million in debt provided in 2016 by Morgan Stanley, according to DBRS Morningstar’s rating report. The retail complex has been “significantly affected” by the pandemic, but an additional $45 million in equity contributed by Blackstone to the deal “demonstrates a reassuring level of commitment to the property,” the report said.
2) Solid Prospect | Brooklyn | $223 million
The Moinian Group landed this refi from Bank of China for its 467-unit Flatbush apartment building at 123 Linden Boulevard. The deal comes just 11 months after the developer secured a $170 million refinancing package from an AIG subsidiary. The complex, dubbed PLG for its location in Prospect Lefferts Gardens, is currently leasing. The new loan leaves the developer with $53 million in cash after paying down the previous debt.
3) Logistics conversion | Bronx | $110.16 million
Innovo Property Group secured this loan — a combination of construction loans and a senior mortgage — from Cerberus to acquire a nine-acre site at 1110 Oak Point Avenue and 155 Tiffany Street in Hunts Point, convert an existing structure into a 340,000-square-foot warehouse, and add more parking. The site offers 760,000 buildable square feet.
4) Refinancing gold | Brooklyn | $110 million
Lalezarian Properties got this refi from New York Community Bank for its 375-unit rental apartment building at 257 Gold Street in Downtown Brooklyn. The Long Island-based developer finished constructing a pair of luxury apartment buildings, dubbed Bklyn Gold, at 277 and 257 Gold Street in 2009 and 2010 respectively. A two-bed, two-bath apartment at 257 Gold Street is priced at $4,304 a month after factoring in concessions.
5) Square deal | Brooklyn | $102.5 million
Bruman Realty landed this refinancing deal with Square Mile Capital for its 287-unit, near-completion rental apartment complex at 67 Duffield Street in Downtown Brooklyn. The 13-story building, whose address is also 260 Gold Street, is across the street from Lalezarian’s Bklyn Gold. The project sets aside 86 units for middle-income households, which for families of four would be earning $97,680 to $155,090.
6) Justice prevails | Queens | $88 million
United Construction & Development landed this refinancing from the Bank of China for its Justice Avenue Tower, a mixed-use development at 88-08 Justice Avenue in Elmhurst. Central Queens Academy Charter School recently signed an 85,000-square-foot lease in the community-facility section at the base of the 18-story tower. The building boasts 183 condominium units.
7) Shore thing | Brooklyn | $80 million
Spenceran, headed by Spencer An, president of Bogopa Service Corp., secured this construction loan from Centennial Bank for its property at 1100 Myrtle Avenue in Bedford-Stuyvesant. Bogopa is a parent company of Food Bazaar Supermarkets and operated one of its shops at the site until recently. The store is now temporarily closed to make way for a 9-story, 189-unit mixed-use development, which is set to include a 24,800-square-foot commercial space, according to the permit application filed by Shorewood Real Estate Group.
8) College credit | Queens | $70 million
Related Companies landed this loan from Goldman Sachs for six parcels at 134-15, 135-05, 136-07, 136-15, 137-05 and one numberless plot on 20th Avenue. The parcels are collectively known as College Point Center, a mall in College Point featuring Target, BJ’s Wholesale Club, T.J.Maxx, PC Richard & Son and Buffalo Wild Wings. Related built the shopping center in 1998.
9) Head for the Hills | Queens | $65 million
Slate Property Group secured this construction financing from Pacific Western Bank for a mixed-use development at 105-02 Queens Boulevard in Forest Hills. The 11-story building is to have 166 rental units and 22,000 square feet of commercial space, according to the permit application. The developer plans to set aside 50 units as affordable to receive a 421a property tax abatement, Forest Hills Post reported.
10) Scaling up | Bronx | $63 million
Simon Kaufman, through the entity 336 Grand Concourse, secured this construction loan for a parcel at 334 Grand Concourse in Mott Haven. Kaufman got approval from the city in April to erect a 14-story, 150-unit apartment building, according to the Buildings Department. The project will include about 8,300 square feet of commercial space. The lender was Scale Lending, the financing arm of Slate Property Group.
