02 Jan NYC’s top 10 finance deals of 2018
Maefield’s play at 701 Seventh topped our list
Not unlike 2017, this was a year for refinancings. From Larry Gluck and Vornado Realty Trust’s Independence Plaza to Brookfield’s 5 Manhattan West, many featured among the year’s biggest debt deals, alongside a handful of massive loans provided for acquisitions and construction.
This year’s largest deal, a $1.9 billion financing at the Times Square Edition Hotel, however, fell well short of last year’s top deal, the $2.3 billion refinancing of the GM Building.
The Real Deal’s annual ranking of 2018’s top 10 finance deals contain all the usual suspects: Tishman Speyer, Goldman Sachs, Brookfield, RXR Realty and Blackstone. But there was also room for non-traditional companies, including Delta Airlines, which is building out LaGuardia Airport, and Montefiore Health System, which secured over $1 billion dollars in bonds.
Topping out this year’s largest deal was the Natixis-led financing and acquisition package for Mark Siffin’s Maefield Development, which bought out its partners at the hotel above 701 Seventh Avenue in April. Following the deal, the property was valued at $1.53 billion. Two months prior, Maefield had signed a contract to buyout a group of New York heavyweights, including Steve Witkoff, Michael Ashner’s Winthrop Realty Trust, Howard Lorber’s New Valley and the Carlton Group’s late Howard Michaels.
Following the financing deal, the planned complex was to hold a 39-story tower containing a 452-key Marriott Edition hotel, with 76,000 square feet of retail and a 17,000-square-foot LED billboard sign.
The top 10 NYC financing deals of 2018
|1||Times Square Edition Hotel||701 Seventh Avenue||$1,900,000,000||Times Square||Maefield Development||Natixis|
|2||The Spiral||435 10th Avenue, 447 10th Avenue, 449 10th Avenue, 509 West 34th Street, 527 West 34th Street||$1,800,000,000||Hudson Yards||Tishman Speyer||Blackstone Group|
|3||LaGuardia Airport||83-00 23rd Avenue||$1,383,495,000||Astoria||Delta Air Lines||Empire State Development|
|4||Montefiore Medical Center||111 East 210th Street, 170 East Gun Hill Road, 3348 Rochambeau Avenue||$1,157,100,000||Norwood||Montefiore Medical Center||DASNY|
|5||Hudson Yards||368 10th Avenue, 450 West 33rd Street, N/A West 31st Street||$1,150,000,000||Hudson Yards||Brookfield Property Partners||Landesbank Baden-Wurttemberg|
|6||TSX Broadway||1568 Broadway||$1,130,000,000||Times Square||L&L Holding Company; Fortress Investment Group; Maefield Development||Goldman Sachs|
|7||Starrett-Lehigh||601 West 26th Street||$900,000,000||Chelsea||RXR Realty||Morgan Stanley; New York Community Bank|
|8||ABC Network HQ||121 West End Avenue, 147 Columbus Avenue, 149 Columbus Avenue, 30 West 67th Street, 47 West 66th Street, 77 West 66th Street||$800,000,000||Lincoln Square||Silverstein Properties||Deutsche Bank|
|9||One Wall Street Condominiums||1 Wall Street A, 1 Wall Street B||$750,000,000||Financial District||Macklowe Properties||Deutsche Bank|
|10||Independence Plaza||301 Greenwich Street||$675,000,000||Tribeca||Stellar Management||Goldman Sachs, Bank of America, Deutsche Bank, Société Générale|
Original Post: The Real Deal