The Top 20 NYC Commercial Lenders in 2016 The Top 20 NYC Commercial Lenders in 2016 New York Commercial Real Estate SHARE Adela Muresan , January 11, 2017 / 345 0 The commercial real estate market in New York remained strong in 2016, with the multifamily and office sub-markets in Manhattan still seeing high rents and steady occupancy rates, according to reports by Cushman & Wakefield and Marcus & Milichap. The Manhattan retail market showed some signs of losing steam; however, economic indicators like unemployment levels and income growth signal a positive evolution across commercial sub-markets. Meanwhile, lender confidence is high in both bank and non-bank institutions, but many of the mega-projects financed in 2016 were picked up by foreign banks and insurance companies. In our latest study, we ranked the top commercial lenders in New York based on the total volume of credit issued this year, to highlight the biggest players of the financing business in New York. In our Top 20 ranking we covered loans issued on all multifamily, office, retail and industrial properties in 2016 across four boroughs – Manhattan, Brooklyn, Queens and the Bronx. Subsequently, we ranked the largest lenders for each of the following property types – multifamily, office and retail markets. Our data was adjusted to cover total numbers through the end of 2016 and make up for delays in recordings. Deutsche Bank gets first place, but JPMorgan Chase grants the most loans The list of largest commercial mortgage lenders in New York this year was dominated by banking giants, with Deutsche Bank leading the pack. JPMorgan Chase, Wells Fargo and Capital One also feature at the top of the list, while local Signature Bank was the second largest lender by total value of commercial property credit issued in 2016. JPMorgan Chase was the bank with the highest number of individual loans granted – 1,058. The lenders providing the highest-value loans for large projects were, for the most part, non-bank lenders and international banks: MetLife, AXA, Deutsche Bank, Landesbank Baden-Wurttemberg, Bank of China and Morgan Stanley, but also the HFA. Each of these lenders granted a small number of loans in 2016, but all of them had an average loan size of more than $100 million! In fact, Deutsche Bank climbed to the top of the ranks with only 54 individual loans issued – compared to 990 by Signature Bank – but offered credit in the sum of $7.55 billion. The single largest mortgage deal, however, was closed by JPMorgan Chase – a whopping $1.2 billion for the Solow office building in Midtown. Several non-bank institutions had significant market shares this past year, including global insurance giants like MetLife and AXA – the latter having seen a shocking 700% growth in total mortgage value from 2015 – and the New York State HFA. Two other lenders strongly expanded investment in CRE this year: local Flushing Bank, which doubled its volume this year, and global insurer subsidiary Prudential Insurance Company of America. Ranking at #19 and #20, respectively, the two totaled over $1 billion in loans each, a 191% increase for Prudential. RankLender Total value of mortgages in 2016 Number of mortgages in 2016 Total value of mortgages Y-o-Y 1Deutsche Bank $7,552,070,894 5425% 2Signature Bank $6,395,808,1429900% 3JP Morgan Chase $5,888,502,3931,05813% 4Wells Fargo$5,134,564,64210813% 5New York Community Bank$4,141,944,949523-39% 6Capital One$3,260,027,54731722% 7MetLife$2,122,252,42613 -22% 8M&T Bank$2,085,306,102117-14% 9AXA Equitable Life Insurance Company$2,068,349,51513 693% 10Morgan Stanley$1,984,068,93210-13% 11New York State Housing Finance Agency$1,938,884,7751712% 12Bank Of America$1,921,815,52084-62% 13Landesbank Baden-Wurttemberg$1,487,766,9906-17% 14Bank Of China$1,430,402,04113-13% 15Dime Community Bank$1,323,460,3983548% 16Citigroup$1,277,618,6211747% 17Investors Bank$1,235,954,650247-15% 18BankUnited$1,110,623,325150-45% 19Flushing Bank$1,045,016,82135098% 20The Prudential Insurance Company of America$1,044,927,71521191% Here are the lenders that recorded the highest total mortgage value in the multifamily, office and retail sub-markets in 2016. JPMorgan Chase leads by number of loans in the multifamily sub-market The most prolific lender was JPMorgan Chase, which issued a total of 833 loans, but only loaned half the amount Signature Bank did. In total volume of credit, Signature Bank was by far the largest lender for multifamily properties, followed by the New York Community Bank. NYCB continues to be one of the most important players in its mortgage niche, though its overall loan volume decreased by 39% from last year. RankLenderTotal value of multifamily mortgages in 2016Number of multifamily mortgages in 2016 1Signature Bank$4,557,525,850 699 2New York Community Bank$3,432,235,218461 3Capital One $2,839,876,606283 4JP Morgan Chase$2,301,416,706833 5Deutsche Bank $1,642,920,23216 6Wells Fargo$1,625,635,46236 7Dime Community Bank$1,216,326,569312 8Investors Bank$905,488,704185 9Flushing Bank$856,489,379 203 10BankUnited$852,981,501106 Deutsche Bank focused on pricey office buildings The largest CRE lender in New York financed 19 office properties this year, for a total of $4.85 billion. Meanwhile, JPMorgan Chase closed deals on no less than 80 office buildings, for a total of $2.84 billion – of which $1.2 billion was for the above-mentioned Solow Building. RankLenderTotal value of office mortgages in 2016Number of office mortgages in 2016 1Deutsche Bank $4,847,890,47919 2Wells Fargo$3,176,576,89526 3JP Morgan Chase$2,842,610,39280 4MetLife Insurance Company$1,595,533,9799 5AXA Equitable Life Insurance Company$1,456,699,0297 6Morgan Stanley$1,435,747,573 6 7Landesbank Baden-Wurttemberg$1,380,582,5242 8Dekabank$874,601,9422 9M&T Bank$764,580,647 27 10Signature Bank$709,848,627 63 Bank of America loaned $877M for retail properties Signature Bank saw the most activity in retail mortgages this year, with a staggering 154 loans granted for an average loan value of about $5.3M. However, Bank of America had the highest loan volume, for a mere 16 properties. The largest loan granted by BofA was in the amount of $138 million for a 26,000 square-foot low-rise brick construction on a corner lot in Chelsea. RankLenderTotal value of retail mortgages in 2016Number of retail mortgages in 2016 1Bank Of America$877,169,39716 2Signature Bank$817,441,108154 3M&T Bank $622,058,64336 4Deutsche Bank $554,762,2036 5Citigroup$553,689,3207 For our top retail lenders, we listed the key players totaling over $500 million in loan volume in 2016. Methodology: Commercial mortgage data for 2016 included loans and refinances granted for all multifamily, office, retail and industrial properties in the boroughs of Manhattan, Brooklyn, Queens and the Bronx. The figures were compiled in early December and adjusted, based on historical data, to compensate for the lag in filing documents into the public record.