Brooklyn boasts six out of ten highest outer borough loans
Brooklyn had six of the top ten loans in the outer boroughs in May, according to the Real Deal.
For the second month in a row, the list was made up of deals in only Brooklyn and Queens. The Brooklyn loans range from $52.4 million to $501.5 million and add up to more than $900 million.
Second place: The Spring Creek Towers in East New York, formerly known as Starrett City
The Rockpoint Group and Brooksville Company borrowed $501.5 million from Wells Fargo Multifamily Capital to go towards purchasing the complex which is the largest federally subsidized housing development in the country.
Fourth place: 894 Fountain Ave. in East New York
Arker Companies and the Block Institute borrowed $137.04 million from the New York State Housing Finance Fund and bondholders to build a 422-unit affordable housing project.
Fifth place: 930 Flushing Ave. in Bushwick
Read Property and Princeton Holdings borrowed $100 million from LoanCore Capital. This loan is to refinance an $85 million mortgage with LoanCore.
Eighth place: 561 Pacific St. in Boerum Hill
Adam America Real Estate borrowed $64.4 million from Deutsche Bank. The money will go towards the building of a 63-unit condo project.
Ninth place: 157 Remsen St. in Brooklyn Heights
Quinlan Development and Lonicera Partners borrowed $52.5 million from the USAA Life Insurance Company. The money will go towards the building of a 19-story, 60-unit rental project complete with amenities such as a fitness center, rooftop terrace and a playroom for kids.
Tenth place: 470 Fourth Ave. in Gowanus
Trinity Place Holdings borrowed $52.4 million from the Canadian Imperial Bank of Commerce. Trinity Place bought the property from Adam America Real Estate in May for $81.2 million.
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