The 5 Largest Outer Borough Loans in September 2025

30 October 2025

Projects in New York City’s outer boroughs scored big in September as lenders opened their wallets for multifamily, mixed-use, and industrial buildings. Alloy Development’s Downtown Brooklyn passive tower landed the month’s largest loan, for $375 million from Kayne Anderson Real Estate. Nearby, Goldman Sachs backed JCS Realty’s Boerum Hill rental with a $121 million loan. A self-storage portfolio and art storage warehouse also nabbed refinancings.

Here are September’s top five loans inked for the outer boroughs.

Passive payday | $375M | Downtown Brooklyn

Kayne Anderson Real Estate provided $375 million in loans for Alloy Development’s One Third Avenue, a 583-unit tower planned for Downtown Brooklyn. According to Alloy, the 730-foot tower is slated to be the world’s tallest built to passive house standards, a design method aimed at cutting energy costs through extreme insulation. The project is the second phase of “Alloy Block,” which includes the city’s first all-electric skyscraper at 505 State Street and two public schools at 489 State Street. Along with the loan, Vistria Group, in its first ground-up development, infused $120 million in equity and took a majority stake in the project as a limited partner. Alloy, as general partner, is leading development and kicked in $40 million.

Brooklyn bucks | $121M | Boerum Hill

Goldman Sachs provided a $121 million loan for Jacob Schwimmer’s Boerum Hill multifamily building at 540 Atlantic Avenue. The fresh financing replaces a $63 million loan from Valley National Bank. Schwimmer’s JCS Realty is nearing completion of the 159-unit building, which includes 48 units for residents at 130 percent of the area median income. Amenities include a gym, media room, business center and rooftop terrace.

Self-storage score | $120M | Bronx, Queens and Brooklyn

Affinius Capital Management provided a $120 million loan for a three-property self-storage portfolio owned by Prime Storage. Lender 3650 Capital provided an additional $36 million in mezzanine debt. The loan will be used to refinance 1260 Zerega Avenue in the Bronx, 31-07 20th Avenue in Queens and 1084 Rockaway Avenue in Brooklyn. The facilities were opened and renovated in 2016 and 2017, according to Multi-Housing News.

Warehouse windfall | $105M | Bushwick

Deutsche Bank and Goldman Sachs provided a $105 million loan for Uovo’s art storage facility at 105 Evergreen Avenue in Bushwick. The fresh financing replaced a $57.4 million loan from PNC Bank. Uovo bought the 112,000 square-foot industrial building in 2020 for $126 million and redeveloped it, according to Crain’s. It’s climate-controlled with 25-foot ceilings and multiple emergency generators. The new mortgage has a 10-year term and a 5.9 percent interest rate, Crain’s reported, citing the ratings agency KBRA. Uovo will invest the proceeds from the refinancing back into the business, per Crain’s.

Terra trove | $74M | Long Island City

Morgan Stanley provided a $74 million loan for ZD Jasper Realty’s new mixed-use development at 45-19 Davis Street in Long Island City. The fresh financing replaced a $29 million construction loan from Bank Hapoalim. The recently-completed 17-story development, known as Terra, has 122 units, ground-floor retail space and a parking garage.