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LARGEST LOANS RANKED: SILVERSTEIN CAPITAL BUYS BROOKLYN SUPERTALL DEBT

Deal at Michael Stern’s tower led December’s top 10

Silverstein Capital Partners' Michael May, JDS Development's Michael Stern, 9
Dekalb Avenue; Extell's Gary Barnett, 32 West 48th Street (Getty, JDS
Development, The Brooklyn Tower, Silverstein Capital Partners, SLCE Architects)
Feb 8, 2024, 1:34 PM
By
 * Orion Jones

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The city’s 10 biggest real estate loans issued in December — $842 million in the
outer boroughs and $765 million in Manhattan — were much smaller than in the
same period of 2022, when the top 10 totaled $1.1 billion in the outer boroughs
and $1.7 billion in Manhattan. 

Blame financing costs: Since December 2022, the federal government’s interest
rate benchmark has risen more than 1.2 percentage points, continuing an ascent
that began in March of that year.



Not only is it more costly to borrow money, but banks that lend to office or
rent-stabilized properties and have encountered balance sheet problems have had
to cut back on lending.

TRD’s count of the month’s biggest commercial real estate loans excludes
refinancing of debt by the same lender and loans made by municipal housing
authorities. Here are the details of the city’s biggest real estate loans in the
final month of 2023.




ALL IN | $430M | DOWNTOWN BROOKLYN


Silverstein Capital Partners bought the senior debt on JDS Development’s
Brooklyn Tower, the borough’s first supertall and the city’s tallest outside
Manhattan. As the original mezzanine lender on the project, Silverstein was in a
position to reduce the borrower’s debt service payments by consolidating the
project’s loans. Silverstein took over nearly $430 million in senior loans —
construction and acquisition debt — for the 1,066-foot tower at 9 Dekalb Avenue
in Downtown Brooklyn. Silverstein originated the project’s $240 million
mezzanine loan in 2019.

The deal replaced Otera Capital as the senior lender. The tower has 150 condo
apartments, 400 rental units and 100,000 square feet of commercial and retail
space. Last year, JDS tried to sell the rental portion of the building.

The condo’s pricing, like its height, resembles Manhattan. A one-bedroom,
one-bathroom unit listed at $2,240 per square foot is in contract, according to
StreetEasy; a penthouse is priced at $2,600 per square foot. On the rental
floors, one-bed, one-bath apartments are listed for between $5,310 and $6,185
per month.


FAREWELL, MY SUN | $220M | MIDTOWN

Mexico’s Banco Inbursa lent Gary Barnett’s Extell Development $220 million to
build a 534-key hotel in the Diamond Distric. Barnett scooped up the site, 32
West 48th Street, in 2018 for $40 million.



Despite court rulings in favor of Extell, the firm is still trying to remove
window air-conditioners protruding from Jack Elo’s adjacent building at 29 West
47th Street. The developer claims Elo has purposely delayed the 33-story hotel
because Elo may have to brick up 10 stories of his building’s east-facing
windows as a result.

Barnett filed plans for the 169,000-square-foot hotel just over three years ago.
The construction loan was about $175 million. 


BUYING LOW | $250M | MIDTOWN

Fortress Investment Group affiliates refinanced the Sheraton Times Square Hotel,
owned by MCR Hotels and Andrew Farkas’ Island Capital, with a $250 million,
four-year, floating-rate loan. The debt was in forbearance until Fortress
stepped in.

The 1,780-key hotel at 811 Seventh Avenue is one of the largest in the city,
with 61,800 square feet of office space and a 23,000-square-foot ballroom. MCR
and Farkas bought the hotel in 2022 for $373 million. The hotel last sold in
2006 for $738 million.




BOND, 365 BOND | $166M | GOWANUS

Lightstone Group, with a hand from JLL Real Estate Capital, secured a $166
million refinance for 365 Bond Street in Gowanus that included a new $56 million
mortgage from Freddie Mac. The loan is for five years and has a fixed rate.

Lightstone developed the 430-unit multifamily building in 2016. The building had
helped secure a pool of commercial mortgage backed securities from Goldman
Sachs, which has sought to shrink its exposure to commercial real estate debt.
Gowanus had been a hotbed of real estate investment until the 421a tax abatement
expired.

This was one of two large loans secured in December by the Lightstone Group. The
other is below.


DARLEHEN, JA | $120M | MIDTOWN


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Deutsche Bank refinanced the Hilton Hotel New York Times Square West, built by
Sam Chang’s McSam Group at 354 West 40th Street in Midtown, with $120 million.
The German bank was the first to refinance the debt at the property with a $215
million loan in 2016, which Apollo Global Management took over before Goldman
Sachs and UBS divided up the loan. The hotel has 200,000 square feet, 35 stories
and 612 guest rooms. Rooms are priced from $165 to $225 per night.




SHOWING SOME MOXY | $110M | LOWER EAST SIDE

An insurer owned by Apollo Global Management refinanced the Moxy Lower East Side
hotel with a $110 million loan to the Lightstone Group. The 303-key hotel, part
of Marriott’s Bonvoy brand, opened in late 2022 after securing construction
financing from MSD Partners and Axos Bank the year prior.

Rooms are priced below $200 per night. With a city view, they reach $300 on the
weekends. MSD Partners, a private creditor aligned with Michael Dell’s family
fortune, made its bet on the Moxy and the return of budget tourism from a $1.1
billion real estate investment fund, to which the Dell family contributed $300
million. Bank OZK originated the acquisition loan for Lightstone’s 2018 purchase
of the development site for nearly $28 million.


421A-OK | $85M | WILLIAMSBURG

Valley National Bank lent $85 million to David Bistricer’s Clipper Equity to
refinance construction debt on Casa Hope, a 143-unit multifamily building at 130
Hope Street. Valley replaced Bank Leumi as the lender. The loan includes a new
$16 million mortgage. The de Blasio administration approved plans for
Bistricer’s 421a development in March 2020, days before the city went into
lockdown.



In December, the median rental price for new development in Brooklyn was $3,900
per month, a decline of 2 percent from a year ago, according to a Douglas
Elliman report. One-bedroom, one-bathroom units at 130 Hope Street recently
listed for between $4,000 and $4,500 per month. No units are listed as available
for lease.


WHAT’S IN STORE | $84M | FLUSHING

Argentic Investment provided $84 million for Blumenfeld Development’s
acquisition of two self-storage facilities in Queens. Blumenfeld bought 34-09
College Point Boulevard for $72 million, or roughly $450 per square foot, and
62-05 30th Avenue for $51 million, or about $565 per square foot.

New York remains low on self-storage per capita despite a 50 percent increase in
supply over the past decade, according to a Marcus & Millichap report. The Bronx
led in self-storage rent gain last year, advancing 1.5 percent, and Brooklyn’s
1.1 percent increase was second. The citywide average price was $2.66 per square
foot, according to the report.

DoBro deeds | $77M | Downtown Brooklyn



Deutsche Bank extended $77 million to Ohana Real Estate to purchase the Hilton
and three retail condos at 140 Schermerhorn Street in Downtown Brooklyn.
California-based Ohana paid $110 million to Tidal Real Estate for the property.

The hotel has 196 rooms across 104,000 square feet, and the condo units span
14,000 square feet, according to the building’s offering plan. In 2022, Ohana
bought the Tillary Hotel in Downtown Brooklyn at a bankruptcy auction from a
company tied to Isaac Hager.


PINNACLE WIENER | $65M | UPPER WEST SIDE

Starwood Mortgage Capital refinanced the Hudson Park, a 172-unit multifamily
building at 323 West 96th Street owned by Joel Wiener’s Pinnacle Group, with a
$65 million loan that includes a new $11 million mortgage.

The loan covers Pinnacle Group’s ground lease and 50 percent fee interest in the
Upper West Side property. It replaces financing from Mishmeret Trust, a firm
that manages corporate bonds sold on Israel’s stock market to securitize U.S.
real estate.



In 2017, Pinnacle raised $271 million under the name Zarasai Group on the Tel
Aviv Stock Exchange, a year that Wiener appeared on Bloomberg’s list of
billionaires. Pinnacle’s portfolio had 9,185 units, according to documents filed
with TASE.

Rich Bockmann contributed reporting. 

READ MORE

South Florida
Mast Capital scores record $600M construction loan for Cipriani condo tower in
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National
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New York
Nir Meir jailed, facing extradition to New York 

COMPANIES AND PEOPLE

Extell DevelopmentJDS DevelopmentPinnacle GroupSilverstein CapitalAndrew
FarkasGary BarnettJoel WienerMichael SternSam Chang
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