Manhattan’s Largest Real Estate Loans of September 2021

Top loans: Related Companies exits Margaritaville, digs in at Truffles Tribeca

1441 Broadway Avenue, 34 Desbrosses Street, 560 Seventh Avenue (Google Maps)

After some monster Manhattan real estate lending in August, lightning was not likely to strike again in September. And it didn’t.

The 10 largest Manhattan property loans recorded last month totaled $1.1 billion, about one-third the August mark but on par with July’s.

The largest one refinanced debt on an aging office building at 1441 Broadway Avenue while the second largest went to a condo conversion in Tribeca led by Related Companies. Related made the list twice by retiring its debt on the new Margaritaville hotel in Times Square.

Here were the borough’s largest real estate loans in September:

1. Refi Redux | $241 million
L.H. Charney Associates refinanced 1441 Broadway Avenue, a Midtown office building that spans 500,000 square feet, with $241 million from Deutsche Bank. The funds include a $56 million gap loan. In August, L.H. Charney refinanced the nearby 1410 Broadway with $148 million in loans from Pacific Coast Capital Partners.

2. Truffle Hound | $222 million
Related will use $76 million in new loans from Deutsche Bank to convert luxury rentals into condominiums at 34 Desbrosses Street, the so-called Truffles Tribeca building. The funds come with $146 million to refinance prior debt, for a total of $222 million in loans. Related bought the property in early 2019 from the Jack Parker Organization for $260 million. (Deutsche Bank is relocating its North American headquarters to Related’s One Columbus Circle, formerly the Time Warner Center.)

3. Wasting Away Again | $150 million
Soho Properties refinanced its construction debt on the Margaritaville hotel at 560 Seventh Avenue in Times Square with $150 million in loans from Bedrock Capital Associates and One William Street, records show. The funds retire debt held by Related Companies and include $16.4 million in new construction financing. True to its laid-back vibe, the new island-themed hotel opened its doors during the pandemic.

4. Repatriated Debt | $105 million
Savanna refinanced $105 million in maturing construction loans at 106 West 56th Street, a new boutique office building in Midtown. Debt from private equity lender Cottonwood Group, based in Los Angeles, will replace loans originated by Singaporean bank United Overseas Bank.

5. Liberty Profits | $104 million
Goldman Sachs originated $103.8 million in private debt secured by Related Companies’ Tribeca Green, a rental building designed by Robert A. M. Stern at 325 North End Avenue in Battery Park City. The funds replace Liberty Bond proceeds Related received in 2003 as part of New York’s post-9/11 recovery. Related’s ground lease on the property expires in 2069, mortgage records show.

6. Yorkville Yardwork | $82 million
Izaki Group Investments secured $81.8 million in construction loans from Bank Leumi USA for a ground-up residential project…

Read MoreManhattan’s Largest Real Estate Loans of September 2021

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