realestate

NYC Luxury Condos Secure Record $1B Loans in August Deals

Blockbuster Loans Boost Luxury Condo Developments Despite Lackluster Month

A
pair of blockbuster loans boosted a lackluster month in lending, with major investments made in two luxury condo developments. Steve Witkoff and Len Blavatnik secured a $1.15 billion loan for their High Line condo project, One High Line, while Zeckendorf Development and Atlas Capital Group landed a $1 billion construction loan for their West Village project at 80 Clarkson Street.

    Despite market headwinds, lenders provided financing across various asset classes in August. Two office projects secured refinancings, including the Stahl Organization's $750 million deal for its Midtown office tower at 277 Park Avenue, which came with a $250 million contribution from the landlord to cover building improvements. A struggling hotel portfolio also received financing, along with six residential projects.

    Here are some of the notable deals:

    * One High Line: JP Morgan and Tokyo Capital provided a $1.15 billion loan for Witkoff Group and Access Industries' condo project on the High Line.

    * 80 Clarkson Street: Cale Street Partners and Farallon Capital Management lent $1 billion to Zeckendorf Development and Atlas Capital Group for their luxury condo development in the West Village.

    * 277 Park Avenue: Deutsche Bank provided a $750 million refinancing loan to the Stahl Organization, which included a $250 million contribution from the landlord for building improvements.

    * Macy's building: Starwood Property Trust lent $301 million to Tishman Speyer for the historic Macy's building in Downtown Brooklyn.

    * Hotel financing: JPMorgan Chase provided a $230 million loan to Hartz Mountain Industries for two Manhattan hotels, the Soho Grand and the Roxy.

    * Homeless shelter portfolio: JP Morgan Chase refinanced Slate Property Group's portfolio of homeless shelters and social services offices with a $210 million loan.

    * Upper East Side condo project: Deutsche Bank and JVP Management provided a $195 million construction loan to Legion Investment Group for its luxury condo development at Madison and East 84th Street.

    * Long Island City developments: Wells Fargo lent $105 million to Rockrose Development for a mixed-use building in Long Island City, while Affinius Capital provided a $98 million loan to Goose Property Management for its rental project in the same area.

    * Downtown Brooklyn properties: G4 Capital Partners financed the Jay Group's purchase of several Downtown Brooklyn properties with a $50 million loan.

New York City luxury condos secure record-breaking $1 billion loans in August.