July 23, 2015 The Bank that Beat Out the Big Boys in NYC Lending this Year
Pop quiz: Which bank issued the most commercial real estate loans in New York City in 2015? Hint: It’s not one of the world’s most prominent lenders, like B of A, Goldman Sachs, or Morgan Stanley.
It’s New York-based Signature Bank, which issued 292 loans so far this year.
J.P. Morgan came in at No. 2, with 258 loans, followed by New York Community Bank, with 235.
Signature Bank, a commercial bank with offices in all five New York City boroughs as well as Nassau, Suffolk and Westchester counties, was also a top lender in terms of loan amount. It issued an estimated $1.77 billion in loans this year.
A large chunk of that money — a total of $155.45 million — went toward multiple loans to a borrower group that controls 14 apartment buildings in Brooklyn, including 950 Rutland Rd. and 250 East 38th St.
The largest of these loans, at $23.8 million, went to 2425 Nostrand Ave., one of three Nostrand Avenue buildings owned by the same borrower group.
Signature also issued a $60 million loan to Walnut Point Realty for 912-920 Broadway, a 17-story building with tenants including game development company Arkadium, Gramercy Cardiac Diagnostics and architectural firm A+I.