Bank OZK and Alternative Lenders: New York’s Missing CRE Lenders of 2018

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This year’s CrediFi ranking of the leading originators of New York City commercial mortgages is missing something, and it isn’t sugar or spice.

It’s Bank OZK and alternative lenders in the commercial real estate space, like Madison Realty Capital and LoanCore Capital Credit REIT ‒ all three of which were among New York City’s top 20 CRE originators in the first nine months of last year, and all of which are missing from the list in 2018.

Arkansas-based Bank OZK, formerly known as Bank of the Ozarks, originated over $670 million in NYC commercial mortgages through Sept. 30, 56% less than in the same period last year, CrediFi found in its latest report on NYC lending trends, released today.

Read the full Q3 2018 report on CRE finance in New York City.

Bank OZK lost more than a quarter of its value in October after it wrote off about $46 million in commercial real estate loans, and said it has been making an effort to reduce the commercial real estate portion of its portfolio. The bank said its real estate group originated $3.7 billion in loans nationwide as of Sept. 30, compared to $5.6 billion in the same period last year and $6.6 billion in the first nine months of 2016.

However, it is still one of New York City’s top 25 CRE originators for the first nine months of 2018. (Here’s how we analyzed Bank OZK’s real estate lending.)

As for alternative lenders, Madison and LoanCore are still the leading originators for NYC commercial properties in their category ‒ it’s just that, like OZK, they’ve been bumped off the top 20 list. With each of them originating over $600 million in CRE financing in New York City in the first nine months of the year, they’re still in the top 30, though.

Going further down the list, the top 40 includes Blackstone, which was one of New York City’s top CRE originators in 2016, along with Greystone, Arbor Realty Trust and KKR Real Estate Finance.

U.S. national banks are also sliding further down the ranking, making room for regional and foreign banks.

The CrediFi report is based on an analysis of $259 billion in financing from 2016 to Sept. 30, 2018. It determines the top originators of NYC commercial real estate loans in the first nine months of the year and analyzes lending trends in the market.

Find out which CRE lenders are financing New York City’s commercial real estate market. Read CrediFi’s report on real estate financing in New York City.

Related stories:

This European Lender Is Beating Out U.S. Banks on CRE Financing in New York City. And No, It’s Not German

Multifamily Gets a Boost as Buying a Home Becomes Less Affordable

What the Sears Bankruptcy Means for the Real Estate Behind the Stores

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Alex Veksler has 16 years of finance, data analysis and project management experience. He is a former vice president at Morgan Stanley, where he worked on product control of equity and fixed-income derivatives products as well as various projects involving finance and technology, such as revamping risk attribution and balance-sheet systems for profits and losses. Alex has previously worked at hedge funds, most recently as a director at Exigent Capital. He has a bachelor’s in computer science from Yeshiva University and an MBA from New York University.

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