The Bronx secured the two largest housing loans from outer boroughs last month as foreign investors left Joe Simone’s mixed-use development in Pelham Bay, while Mott Haven continued to attract residential investment. The borough secured three of the 10 largest loans outside of Manhattan in February.
Brooklyn recorded the largest loan with five home loans. Queens had two.
The 10 largest loans from outer boroughs last month totaled $820 million. That’s down 37% from a year ago and down 40% from January.
Here are the details of the offers.
1. Exit | $108 million
Joe Simone’s Simone Development Companies secured a $108 million loan, including $7.7 million in new debt, from Bank of America to refinance a mixed-use property at 1776 Eastchester Road in Pelham Bay, NY. Bronx. The majority of the loan replaces debt held by foreign investment adviser EB-5, the New York City Regional Center and M&T Bank.
2. Zaro on the floor | $105 million
Jacob Schwimmer’s JCS Realty has received $105 million from Joshua Crane’s S3 Capital to construct a 447-unit mixed-use building at 138 Bruckner Boulevard in Mott Haven, Bronx. The 12-storey rental building, which is expected to be completed on the former Zaro’s Bakery warehouse site in early 2023, will include commercial space on the ground floor.
3. Office refi | $105 million
Brookfield Properties has secured $105 million from Citibank to refinance the office portion of the Atlantic Terminal Condo at 139 Flatbush Avenue in Fort Greene, Brooklyn. The loan replaces debt issued by ING Real Estate Finance in 2005.
4. Indiana calling | $90 million
Camber Property Group received $90 million from Merchants Bank of Indiana to acquire two low-income apartment buildings with a total of 260 units at 579 Blake Avenue and 350 Sheffield Avenue in East New York, Brooklyn. Mo Vaughn’s Omni New York sold the buildings.
5. Office refi two | $85 million
Wharton Realty Group received an $85 million loan, including $28.2 million in new debt, from Investors Bank to refinance a 470,000 square foot office building with ground floor retail floor at 162-08 Jamaica Avenue in Queens.
6. Spicy Meatball | $84 million
Restaurant supplier Jetro Cash & Carry has landed $73 million worth of new products in an $84 million loan from CTL Capital for a 136,000 square foot warehouse at 43-40 57th Avenue in Maspeth, Queens , and an adjacent 111,000 square foot parking lot.
7. Throg in the neck | $70 million
Affiliates of Joel Leifer and Cheskel Berkowitz received $61.4 million as part of a $70 million debt settlement with Greystar following their January purchase of a retirement home at 727 Throgs Neck Expressway in Throgs Neck, Bronx.
8. End Consolidation | $60 million
Properties linked to real estate investor Alexander Levin received $60.2 million from Bank of Montreal to consolidate debt for a 120,000 square foot shopping center at 2109-2127 Emmons Avenue in Sheepshead Bay, Brooklyn, and a condominium building with a checkered financial history at 45 years old. John Street in the financial district. Loancore Capital was the Brooklyn property’s previous lender.
9. Flank stake | $58 million
Flank Development has refinanced the hotel portion of the Boerum, a mixed-use development at 140 Schermerhorn Street in Boerum Hill, Brooklyn, with a $57.5 million loan from JPMorgan Chase. The funds replace KKR as primary lender. The property — a Hilton with condo units above it — also uses the 265 State Street address.
10. Deermar Season | $55 million
Joseph Banda’s Ranco Capital secured a $55 million refinancing, including $15.9 million in new product, from Bridge City Funding for the Deermar at 262 9th Street in Park Slope, Brooklyn. The funds replace Bank Leumi as the main lender of the newly constructed luxury rental property.