NYCB Lends $53M for New Jersey Apartment Complex

Greenbrook Gardens (Photo: Google Maps).

New York Community Bank provided a $52.8 million acquisition loan for a multifamily complex in northern New Jersey, Commercial Observer can exclusively report.

Meridian Capital Group arranged the loan on behalf of Hackensack, N.J.-based SDK Apartments for its purchase of Greenbrook Gardens in North Plainfield, according to the brokerage.  Read More


Chetrit, Clipper Take NYCB Land Loan

A rendering of the project at 77 Commercial Street.

A partnership of The Chetrit Group and Clipper Equity took a $27.5 million bridge loan, backed by the land at 77 Commercial Street in Brooklyn’s Greenpoint neighborhood, Commercial Observer has learned.

As Commercial Observer has reported, the pair plans to develop a 720-unit, two-tower residential complex at the address. The land looks over Newton Creek—some of the last undeveloped waterfront land in the nation’s trendiest borough. Read More

Sales Beat

Aini Family Partnership Buys 145 West 45th Street

145 West 45th Street.

A partnership led by the New York-based Aini family acquired a 12-story office property at 145 West 45th Street with a $40 million loan from New York Community Bank, Commercial Observer has learned.

The new owners acquired the property from Queens-based Samson Management for an undisclosed price, according to a person familiar with the transaction. Read More

Mortgage Observer

NYCB Lends on 1770 Grand Concourse in the Bronx

1770 Grand Concourse.

New York Community Bank provided a $27.4 million loan to Goldfarb Properties on its recently purchased rental building at 1770 Grand Concourse in the Bronx, sources confirmed to Mortgage Observer.

The 12-year mortgage carries an interest rate of 3.625 percent, according to NYCB. Among the loan’s terms is a 2 percent interest rate hike if the borrower fails to submit required financial information, including income and expense statements, twice a year, according to the loan document. A spokesperson for the bank said that provision is standard among all of NYCB’s commercial real estate deals. Read More

Mortgage Observer

NYCB Lends on B&H Photo’s Williamsburg Luxury Apartment Property

Rendering of 101 Bedford Avenue.

New York Community Bank originated a $107 million loan to refinance existing debt and provide new funds on a luxury mixed-use property at 101 Bedford Avenue in Williamsburg, Brooklyn, according to city records filed last Friday. The property was co-developed by local property owner Halcyon Management Group and the New York camera store B&H Photo Video.

The loan, made out to 95 Bedford LLC, closed on June 11 and was originated on a 15-year self-liquidating basis, records show. The refinancing portion of the debt includes a “consolidation, modification and extension agreement,” according to the loan document. Read More

Mortgage Observer

Bullish on Retail Lending

Woodbridge Mall in Woodbridge, N.J.

The majority of real estate leaders—from owners and developers to lenders—all agree that New York City is under retailed. As I reported last year, the Big Apple is the No. 1 retail location in the world and a place where major retailers open their flagship stores and in many instances record the highest revenue of any of their locations nationally. Read More

Mortgage Observer

NYCB Loans $92M for Pennsylvania Multifamily Buy

Towers at Wyncote

Meridian Capital Group negotiated a $92.2 million mortgage for the purchase of the Towers at Wyncote, a multifamily property in Wyncote, Pa. on behalf of Lindy Property, a Pennsylvania-based owner and manager of residential properties, Mortgage Observer has first learned. The lender was New York Community Bank, a source close to the deal said. A representative for the bank did not immediately respond to request for comment.  Read More

Mortgage Observer

Meridian Brokers $18M Refi for Chelsea Office Building

114 West 26th Street for Feature Box

New York Community Bank just closed an $18 million mortgage backed by 114 West 26th Street, a source told Mortgage Observer Weekly. The loan will be used to refinance an existing lien, according to representatives for Meridian Capital Group, which brokered the deal.

City records show a $13 million outstanding mortgage on the building, also from New York Community Bank. The building is owned by an entity called Jal Colin Properties LLC. Representatives for the bank did not immediately return requests for comment. Jal Colin was not reachable.  Read More

Mortgage Observer

How Far Will They Go?

(Illustration by John Jack Perry)

When the heads of the Manhasset, Long Island-based real estate firm Milbrook Properties began seeking acquisition financing for a retail strip in Marietta, Ga., they called on People’s United Bank, a relationship lender they had worked with on nearly 10 deals in the last 18 months.

The borrowers, who are seeking about $5.5 million to purchase the property, felt People’s United would offer the most favorable and flexible terms, said Charles Hirsch, president of the more than 80-year-old real estate management, acquisition and development firm, given their rapport. Read More


Commercial Real Estate Lenders Reaching, or Exceeding, 2013 Expectations


December is typically a time when real estate leaders, especially the bankers who provide financing for commercial real estate transactions, allocate many evenings to attend year-end holiday parties.

One of the questions on the minds of many in attendance at these elaborate events this year will no doubt be whether the financial institutions have reached or exceeded their goals in providing funding for real estate transactions. One thing is certain: CMBS investment bankers have exceeded last year’s output, yet it is not certain if the Wall Street shops will reach a $100 billion in gross lending. There are also the traditional savings and commercial banks, mortgage REITs, private equity funds and insurance companies, as well as new players in town who joined and/or increased their volume of financing this year.

Read More