The top 10 Manhattan loans recorded in August totaled $2.98 billion, a 79 percent increase from July’s total. More than half of that came from just one deal — the Durst Organization and Bank of America’s $1.6 billion refinancing of One Bryant Park.
1) Me, Myself, and I – $1.6 billion
Bank of America led a $1.6 billion refinancing of One Bryant Park, also known as the Bank of America Building, in a single-asset single-borrower CMBS transaction. The bank itself occupies 78 percent of the 2.4-million-square-foot office tower, and owns a 49.99 stake in the building in partnership with the Durst Organization — although most of the ground underneath is owned by the Empire State Development Corporation. The new financing consists of a $950 million CMBS loan and a $650 million Liberty Bonds loan, according to a report from Kroll Bond Rating Agency.
2) Beacon of loans – $309 million
Beacon Capital Group landed a $309 million debt package to refinance a 370,000-square-foot office condominium at 575 Fifth Avenue, home to Barneys New York’s corporate headquarters and a large WeWork space. The new debt from TPG Real Estate Finance replaces a previous loan from Deutsche Bank. Residential brokerage Keller Williams Midtown relocated to the WeWork space late last month, as part of a downsizing amid a tough market.
3) Caiola collateral – $272 million
The Blackstone Group secured a $272 million senior loan to refinance 11 Manhattan apartment buildings that it acquired in …