Q
ueens dominated the largest loans in November, solidifying its position as a major player in New York City's real estate market. The borough secured three of the top five largest loans, with deals spread across various asset classes.
Santa Monica-based Macerich landed a $525 million refinancing loan for its 966,000-square-foot Queens Center mall in Elmhurst. The REIT contributed $75 million to secure the financing, which replaced a previous $600 million CMBS loan that was transferred to special servicing during the pandemic. The new five-year loan carries an interest rate of 5.4 percent.
The New York City Football Club scored a $425 million construction loan for its planned 25,000-seat stadium at Related Companies' and Sterling Equities' Willets Point development. JP Morgan Chase provided the financing for the privately owned soccer club's Etihad Park stadium, which is expected to open in 2027 as part of the second phase of the development.
In Manhattan, Dan Brodsky and his partners secured a $357 million construction loan for their condo conversion of the iconic Flatiron Building. Tyko Capital provided the financing for the project, which will convert the building into 60 residential condos.
Other notable deals included a $267 million CMBS loan to Joel Gluck's Spencer Equity Group and the Rabsky Group for five Williamsburg rental properties, as well as a $249 million refinancing loan to Rockrose Development for its Long Island City rental building Linc LIC.
