Finance Deals of the Week: A Massive $911M Refi in New York City
The top five financing deals from April 8 to April 12
By The Editors April 12, 2024 9:00 am
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It was the biggest week yet this year for financings in America, headlined by a stunning $911 million refinancing at 425 Park Avenue by L&L Holding. There’s also an enormous financing for affordable housing in the New York City area, with Gotham Organization and its partner Monadnock Development securing $270 million to develop new housing out in East New York, Brooklyn. But it’s not all about New York — Blackstone secured a $428.5 million refinancing for its portfolio of 23 hotels. Take a look!
| Loan Amount | Lender | Borrower | Address | Asset | Broker |
|---|---|---|---|---|---|
| $911 million | Sumitomo Mitsui Trust Bank | L&L Holding Company | 425 Park Avenue; New York City | Office | N/A |
| $428.5 million | Morgan Stanley and Société Générale | Blackstone | 23-property portfolio; Georgia, Florida, Illinois, Colorado and Utah | Hotel | CBRE's Tom Traynor, Tom Rugg, Lawrence Britvan, Mark Finan and Michael Straw |
| $270 million | New York State Housing Finance Agency, New York City Department of Housing Preservation and Development, Urban Investment Group at Goldman Sachs | Gotham Organization, Monadnock Development | 12020 Flatlands Avenue; Brooklyn | Affordable Housing | N/A |
| $155 million | Citi Real Estate Funding | Williams Equities | 28-40 West 23rd Street; New York City | Office | Ackman-Ziff’s Simon Ziff and Russell Schildkraut |
| $150 million | Scale Lending | Beitel Group | 120 East 144th Street; the Bronx | Multifamily | Landstone Capital Group’s Leah Paskus |
Finance Deals of the Week reflect deals closed or announced from April 8 to April 12. Information on financings can be sent to editorial@commercialobserver.com.
12020 Flatlands Avenue, 28-40 West 23rd Street, 425 Park Avenue, 465 North Park Drive, 806 Ninth Avenue, Deals of the Week, Citi Real Estate Funding, Goldman Sachs Urban Investment Group, Gotham Organization, Hudson Companies, L&L Holding Company, MetLife Investment Management, Monadnock Development, Northwestern Mutual, Sumitomo Mitsui Trust Bank, Webster Bank, Williams Equities
