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Outer-borough loan activity fired up in October

first_img3) Condo capital | Brooklyn | $162.8 millionMadison Realty Capital, through its shell company 1 York Street 1, provided Fortis Dumbo Acquisition, a shell company of Fortis Property Group, a $162 million construction loan for Olympia, a condominium project at 30 Front Street in Dumbo that will have over 70 units. Joel Kestenbaum, president of Fortis Property Group, signed the loan documents.4) New loan for Hampshire | Brooklyn | $92 millionBerkshire Residential Investments, through its shell company MF1 Capital, provided Hampshire Properties with a $92.08 million loan against a 302-unit residential building at 1277 East 14th Street, also known as 1263 East 14th Street, in Midwood. Tomas Rosenthal, president and CEO of Hampshire, signed loan documents for the borrower. Jon Pfeil, managing director of Berkshire, signed documents representing the lender.5) Clean Slate | Queens | $54.75 millionCentennial Bank provided Slate Property Group with two loans, totaling $54.75 million, for two properties at 37-11 30th Street and 30-14 37th Street in Long Island City. In February 2018, The Real Deal reported that Slate planned to build a roughly 200-unit rental building at 37-11 30th Street. Slate’s Martin Nussbaum signed the loan documents.6) Roni refi | Brooklyn | $39 millionJPMorgan Asset Management, through its entity GIM Commercial Mortgage Loan Fund, provided Roni Realty with a $39 million loan for the property at 56 North 9th Street in Williamsburg. The property is home to 56 North 9, Double U Realty’s mixed-use building. Loan documents were signed by Jay Weitzman, who heads Double U Realty along with Michael Weitzman.7) Lenox loan | Brooklyn | $38 millionBank Hapoalim of Israel provided Pulse Bedford Development with a $38 million construction loan for 94-100 Lenox Road in Flatbush. Loan documents were signed by Binyamin Beitel, CEO of Beitel, formerly known as Besyata Investment Group.8) Say yes to Soundview | Bronx | $32.4 millionSterling National Bank provided Soundview Park Townhomes with a $32.4 million loan for the property at 351 Bronx River Avenue. Loan documents were signed by Lemle & Wolff principal Michael Sturmer. The loan is for the construction of 72 affordable units in 10 four-story buildings, according to Pincus.9) Key for rentals | Queens | $30.9 millionKeyBank issued a $30.9 million loan to Chrisanthy Tzivas, though the entity Bridgeview II, for the property at 26-45 9th Street in Astoria. The parcel is home to a 108-unit residential building, according to Pincus. Tzivas signed the loan documents.10) Loan in Long Island City | Queens | $30 millionOceanfirst Bank provided 3500 48th Street Owner, a shell company of Philips International, with a $30 million loan for the parcel at 3500 48th Street in Long Island City, home to a 125,000-square-foot commercial building and a large parking lot. Loan documents were signed by Philips chairman and CEO Philip Pilevsky.Contact Akiko Matsuda Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink Email Address* Message*center_img Full Name* TagsbrooklynCommercial Real EstateMultifamily MarketQueensthe Bronx Silvercup Studios (Getty)October’s top 10 outer-borough loans were led by two deals at or above $300 million, showing a strong recovery from the previous month, when the ranking was topped by a $65 million loan. The total amount of October’s top 10 loans was $1.99 billion — that’s four times more than September’s total of $494 million.The top loan, for $323 million, was issued in relation to the recent sale of Silvercup Studios, the legendary film studio with locations in Long Island City and the Bronx. The second largest was a $300 million refinancing for the Factory LIC, a 1.1-million-square-foot office building in Long Island City. These two loans alone exceeded the total amount of the top 10 loans in September.The third largest was a $162.8 million construction loan for Olympia, a condo development in Brooklyn’s Dumbo neighborhood.The full list:1) Silvercup sale | Queens and The Bronx | $323 millionDeutsche Bank provided Hackman Capital Partners with a $323 million loan to purchase Silvercup Studios from brothers Stuart and Alan Suna, whose family founded the film and television studio nearly four decades ago. The purchase consists of four parcels in Long Island City and six parcels in the Bronx and was reportedly worth $500 million. Hackman teamed up with Square Mile Capital on the deal.2) Factory financing | Queens | $300 millionColumn Financial, an affiliate of Credit Suisse, provided Atlas Capital Group and its partners with $300 million to refinance existing debt on The Factory LIC, a former Macy’s warehouse turned office space at 30-30 47th Avenue in Long Island City. Atlas Capital Group, in partnership with Invesco and Square Mile Capital, acquired the property at a bankruptcy sale in 2013, and conducted a $90 million redevelopment project. In 2018, Swiss private equity firm Partners Group bought Square Mile’s stake. The loan documents were signed by Atlas principals Jeffrey Goldberger and Andrew Cohen.Read moreHackman and the City: Hackman, Square Mile buy Silvercup StudiosWilliamsburg building gets $41M bridge loan after Brooklyn Boulders bailsSlate buying LIC dev site for new 200-unit rental projectlast_img read more