L
uxury rental buildings dominated New York City's real estate market in December, with lenders pouring money into high-end projects. Seven of the top 10 largest loans made last month went to luxury rentals, including TF Cornerstone's two-tower Prospect Heights development near Atlantic Yards.
The asset class accounted for a significant share of financing deals, with notable transactions including:
* A $448 million loan from PNC Bank to TF Cornerstone for its multifamily development at Pacific Park.
* A $290 million refinance from New York Life Real Estate Investors for Alloy Development's all-electric tower in Downtown Brooklyn.
* A $280 million acquisition and construction loan from TYKO Capital for Vanbarton Group's residential conversion at 77 Water Street.
Other notable deals included:
* A $232 million refinancing of the Ritz Plaza luxury rental tower in Midtown by Ares Commercial Real Estate Management.
* A $205 million Fannie Mae loan from M&T Realty Capital for TF Cornerstone's apartment tower in Long Island City.
* A $165 million acquisition of a note for 1375 Broadway in Herald Square by Sail Harbor Capital.
* A $140 million refinance of the East New York dairy factory conversion project by MF1 Capital.
* A $132 million construction loan from Affinius Capital for Goose Property Management's luxury multifamily project in Downtown Brooklyn.
* A $124 million refinancing of The Riverside rehabilitation center on the Upper West Side by Greystone.
* A $110 million recapitalization of RXR's 530 Fifth Avenue office property by ING Capital.
