A heat wave arrived in New York in the third week of June and that fiery activity carried over into commercial real estate loans. New York City snagged four of the five largest loans closed last week, none more impressive than Alexico Group landing $335 million in financing for The Mark Hotel, its five-star luxury property on Manhattan’s Upper East Side. Another big NYC-area deal was Affinius Capital supplying the $150 million loan to refinance The Breeze, a Long Beach, N.Y., multifamily developed by B2K Development and Harrison Street. But it wasn’t all New York — RXR Realty Investments provided $120 million to build Ray Phoenix, a 401-unit, 26-story multifamily tower in Downtown Phoenix.
| Loan Amount | Lender | Borrower | Address | Asset | Broker |
|---|---|---|---|---|---|
| $335 million | Goldman Sachs | Alexico Group | 25 East 77th Street; New York City | Hospitality | Newmark’s Jordan Roeschlaub, Jonathan Firestone and Nick Scribani |
| $150 million | Affinius Capital | B2K Development and Harrison Street | 180 Boardwalk; Long Beach, N.Y. | Multifamily | Walker & Dunlop’s Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Ari Hirt, Michael Ianno and William Herring |
| $120 million | RXR Realty Investments | Vela Development Partners and Ray | 777 N. Central Avenue; Phoenix | Multifamily | JLL’s Michael Gigliotti, Brad Miner, Elle Miraglia and Frank Choumas |
| $100 million | PGIM Real Estate | The Carlyle Group and Sabharwal Properties | Four properties in New York City | Self Storage | Walker & Dunlop’s Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Ari Hirt, Bill Herring and Stanley Cayre. |
| $97 million | Wells Fargo (through Freddie Mac) | Tredway and ELH Mgmt | Seven Section 8 housing buildings; Fort Greene, Brooklyn | Affordable Housing | Affordable Housing Advisors’ Andy Daitch and Matt Kurzmann |
Finance Deals of the Week reflect deals closed or announced from June 10 to June 21. Information on financings can be sent to editorial@commercialobserver.com.
Goldman Sachs Makes $335M Loan on NYC Hotel Refi – Commercial Observer #Goldman #Sachs #335M #Loan #NYC #Hotel #Refi #Commercial #Observer
Source Link: https://commercialobserver.com/2024/06/top-five-financings-june-21/
Goldman Sachs Makes $335M Loan on NYC Hotel Refi – Commercial Observer – Journal Today Online
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