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Top Commercial Lenders in Manhattan This Cycle

CoStar Market Insights: JP Morgan Chase Bank is the Top Commercial Lender
June 4, 2018
Since 2010, more than $280 billion dollars of commercial real estate has traded in Manhattan. On average, lenders financed 60 percent of the total sale price on these transactions with a 4.8 percent average interest rate.

Sales volume for all commercial property types reached $52 billion in 2015, and then fell to just $21.5 billion in 2017. Conversely, lending in Manhattan has fallen significantly since 2015, as the opportunity for loaning on assets decreased.

The top lenders this cycle in Manhattan are the following: JP Morgan Chase Bank, Wells Fargo, Signature Bank, Deutsche Bank, Fannie Mae, New York Community Bank, Morgan Stanley, Natixis Real Estate Capital, Manufacturers and Traders Trust Co. and Bank of America. Bank of China was a close honorable mention, which is not surprising since Chinese capital has been flowing to New York this cycle.
See CoStar COMPS #3901490.

HNA Group, a Chinese conglomerate, purchased 245 Park Ave. in May 2017 for $2.21 billion. JP Morgan financed the property with a $1.6 billion mortgage, one of the largest loans for a single asset. 245 Park Avenue is currently up for sale as HNA debt weighed on its profitability.

See CoStar COMPS #3466831.

The $2.7 billion loan for the $5.5 billion purchase of Stuyvesant Town-Peter Cooper Village was the largest sale/loan in the cycle. Wells Fargo originated the loan agreement for Blackstone and Ivanhoe Cambridge and then immediately passed it to Fannie Mae.

CoStar Market Insights provides a snapshot of recent real estate trends. The CoStar Market Analytics team monitors commercial and multifamily real estate across 390 metro areas, with a granular understanding of the projects, players and economic trends that move these markets.

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