Market Insights

Will Deutsche Bank Remain CrediFi’s Top NYC CRE Lender in Q3?

Deutsche Bank didn’t take the summer off after reaching the top spot in CrediFi’s ranking of commercial real estate lenders in New York City in Q2. After achieving an 8% market share while originating some $2 billion in NYC commercial real estate loans in Q2, the Frankfurt-based bank continued the momentum with a busy August.

On Aug. 23, Deutsche led a syndicated $1.08 billion loan to Vornado and SL Green to refinance Manhattan’s 280 Park Ave., a 1.2 million square-foot building that completed a $150 million renovation in 2015 and is now at 97% occupancy.

280 Park Ave. in Manhattan was financed in August by a syndicate including Deutsche Bank.

Other members of the syndicate were Goldman Sachs, Barclays and Citigroup. The financing replaces a 2016 loan of $900 million in which Deutsche Bank also was a partner.

Earlier in the month, Deutsche Bank provided financing for two Holiday Inn hotels in NYC.

On Aug. 18 Deutsche Bank refinanced an $80 million loan for a Holiday Inn at 585 8th Ave. that it had originated in 2015 and injected an additional $3 million in funding, bringing the total loan to $83 million. The hotel has 271 rooms on 103,000 square feet.

The same day, Deutsche also originated a $33 million loan for another Holiday Inn, at 150 Delancey St. on the Lower East Side. The 48,000-square-foot hotel has 132 rooms on eight floors.

Will that be enough to keep Deutsche Bank at No. 1 in Q3? Stay tuned.

 

To download the entire NYC Lending Spotlight for Q2 2017, click here.

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