Biggest Manhattan home loan in July was Aby Rosen CMBS

Clockwsie from top left: Aby Rosen with 980 Madison Avenue, 258-278 Eighth Avenue, 1 West Street and 511 Lexington Avenue (RFR, JJ Operating, Google Maps)

Manhattan’s 10 biggest home loans on record in July totaled $ 1.2 billion, well below June’s total of $ 4.5 billion. That month’s number was inflated by SL Green’s record $ 3 billion refinancing of its One Vanderbilt tower.

A variety of loans marked the July list, including refinancings of besieged hotels and office building owners borrowing to refurbish the post-Covid market.

Here are the borough’s biggest mortgage loans in July:

1. Artistic Aby | $ 238 million

Aby Rosen’s RFR Realty refinanced 980 Madison Avenue with a $ 238 million CMBS loan from Credit Suisse subsidiary Column Financial. RFR will repay $ 230 million in debt incurred by New York Community and Invesco. The building’s largest tenant is the Gagosian Gallery, which occupies 56,000 square feet.

2. The magic of the city center | $ 183 million

Alchemy-ABR and co-developer JJ Operating have secured a $ 183 million construction loan from PacWest and Square Mile Capital Management for a 190-unit, 210,000-square-foot mixed-use project at 258-278 Eighth Avenue in Chelsea . JJ Operating bought the property about four years ago for just over $ 107 million. Target pre-leased 28,000 square feet on the site in November.

3. FiDi Refi | $ 131 million

The Moinian Group signed a $ 131.5 million refinancing loan with Deutsche Bank at 1 West Street in the financial district through the lender’s Dbr Investments. The loan refinances Square Mile Capital’s $ 131.5 million for the 492-unit building that Moinian bought for $ 70 million in 2005. Built in 1902, it is also known as 17 Battery Place.

4. Hotel full of hope | $ 125 million

HPS Investment Partners has provided a $ 125 million loan to Andrew Farkas’ Island Capital for its $ 185 million purchase of the Lexington Hotel as part of a joint venture with Three Wall Capital and MCR. The 725-key building at 511 Lexington Avenue in Midtown opened in 1929 and opened in 2016. The pandemic has put about a third of the city’s hotel inventory on hold.

5. Office optics | $ 100 million

Bank of America consolidated existing loans and added a $ 62.6 million loan at 80 Pine Street from Rudin Management to FiDi. The additional funds will go towards a complete renovation of the 38-story, 60-year-old tower. Rudin Management opened the 1.2 million square foot building, designed by Emery Roth & Sons, in 1960. It has nearly 800,000 square feet of available space.

6. In the new | $ 125 million

The hydraulic elevators at 817 Broadway were pulled after Taconic Partners, Nuveen and Squire acquired the 126-year-old office building in 2016. Now a $ 125 million refinancing loan from Ares Commercial Capital and Criterion Real Estate Capital, which will provide $ 90 million in senior debt and $ 35 million in mezzanine financing, respectively, will pay for tenant fit-out and rental costs and repay a $ 102 million acquisition loan.

7. Oak finish | $ 75 million

Oak Hill Advisors, through Re-Us Hyce Holding Limited Partnership, has refinanced Sam Chang’s McSam Hotel Group property at 16 East 39th Street in the Garment District. The package replaces a $ 67.5 million loan initiated by Deutsche Bank and includes $ 7.5 million of new debt as a spread loan. Samir Gandhi signed the loan for McSam, PincusCo reported.

8. Korean Beef | $ 65 million

Seoul-based Nonghyup Bank provided $ 65.3 million in financing to Tarvos Capital Partners for its Meatpacking District group of properties at 44-54 Ninth Avenue, 351 West 14th Street and 362-364 West 15th Street. Tarvos plans to develop the properties into a 129,000 square foot complex with 69 apartments and 60,000 square feet of retail.

9. Cascade Hotel | $ 65 million

A Waterfall Asset Management fund provided $ 64.8 million in debt at McSam’s Hotel 535 Eighth Avenue to refinance a $ 63.5 million loan issued by Deutsche Bank in February 2020. Sam Chang and two other investors transferred majority ownership 25 / sam-chang-unloads-garment – 320 Key Garment District Hotel District Hotel, valued at $ 47.4 million, at NY 8th Ave Investor, a Delaware limited liability company, in June .

10. Diamonds & Mystery | $ 65 million

Hana Financial Group’s subsidiary, Keb Hana Bank USA, has loaned $ 60 million plus a $ 5 million revolving line of credit to the recent buyer of 576 Fifth Avenue, an 80,000 square foot building in the Diamond District. The identity of the buyer, who paid $ 101 million for the purchase in July, remains a mystery. The property is approximately 50 percent occupied.

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