L
enders have been pumping significant funds into Manhattan office buildings, signaling a potential resurgence of the market. A notable example is Tishman Speyer's $3.5 billion refinance deal at Rockefeller Center, which is the largest commercial mortgage-backed securities (CMBS) transaction for a single office asset since April 2022.
In Midtown East, Alexander's secured a $400 million refinance loan for its building at 731 Lexington Avenue, where Bloomberg has its headquarters. The landlord contributed an additional $115 million in capital to secure the deal.
Across the river in Brooklyn, Related Companies refinanced part of the Gateway Center mall and multifamily projects saw significant activity. Three luxury rental towers secured loans, including one from private equity giant KKR, which sold a Downtown Brooklyn rental tower to Dalan Management.
Here are more details on recent deals:
- Rockefeller Center: Bank of America and Wells Fargo provided $3.5 billion for Tishman Speyer's iconic property.
- 731 Lexington Avenue: Deutsche Bank, JPMorgan Chase Bank, and Wells Fargo Bank offered $400 million to refinance Alexander's building.
- Gateway Center: Bank of America provided a $300 million loan for Related Companies' shopping center in East New York, Brooklyn.
- Archdiocese of New York: Goldman Sachs gave the archdiocese a $250 million loan for three Midtown East properties.
- The Lightwell DUMBO: MF1 Capital offered a $170 million loan to Cheskel Schwimmer's Brooklyn multifamily project at 218 Front Street.
- Paxton: Sumitomo Mitsui Banking Corporation provided a $145 million loan to KKR and Dalan Management for their purchase of the Downtown Brooklyn rental tower.
- Dekalb Avenue: State Street Bank gave Atlas Capital Group a $131.5 million loan for its purchase of the 365-unit rental tower in Downtown Brooklyn.
- Mandarin Oriental residences: The Northwind Group provided a $120 million condominium inventory loan for Michael Shvo's unsold units at 685 Fifth Avenue.
- Vista65: Värde Partners offered a $110 million loan to RB Realty Capital for their new rental building in Rego Park, Queens.
- Two Hyatt hotels: Hanmi Bank gave Aju Hotels Investments a $90 million loan to refinance its properties in Midtown West and NoMad.
