5. Goldman Sachs
Headquartered in New York City, Goldman Sachs is one of the largest financial institutions in the country, with $11.9 billion in net revenues at the end of the second quarter of 2022. Although net revenues fell 23% on a year-over-year basis, the numbers were still $1 billion above what analysts predicted, an article from CNBC revealed.
Despite increased volatility and uncertainty in the capital markets, the firm continued to make large deals happen across the U.S. In August, the firm closed $111.5 million in commercial real estate loans in New York City alone. In one of the largest deals closed, Goldman Sachs provided a $97.8 million hotel loan to Strategic Hotels & Resorts for a property at 160 Central Park S.
4. Santander Bank
In anticipation of the higher interest rate environment, Santander Bank decided to stop originating residential mortgages at the beginning of the year. However, the Spanish bank — primarily focused on northeastern markets — continued to originate commercial mortgages.
Over August, Santander closed a total of $134 million in large commercial real estate loans in New York City. The bank’s largest loan during the month was a $94.2 million note provided to Lonicera Partners to construct 15 Hanover Place, a mixed-income multifamily development in Brooklyn. Lonicera Partners also received roughly $40 million from City National Bank to finance the project.
3. Bank of America
As one of the largest U.S. banks and commercial real estate lenders, Bank of America originated a total of $64 billion in the second quarter of 2022, up 8% on a year-over-year basis, according to CoStar News.
In August, Bank of America originated a total of $170.7 million in financing across New York City. The bank provided a $61 million loan to an affiliate of CBRE to refinance two warehouses in Brooklyn. The loan is part of a $106 million financing package and replaces a $45 million loan held by JPMorgan Chase, The Real Deal reported.
2. Wells Fargo
Amid the challenging economic conditions, Wells Fargo, one of the largest mortgage lenders in the U.S., reported a decline in originations in the second quarter of 2022. The bank originated $34.1 billion in mortgages between April and June, representing a 10% decrease over the previous quarter and a 36% drop year-over-year, HousingWire reported.
Despite the overall drop in activity, Wells Fargo was one of the most active lenders in New York City in August, closing a total of $176.4 million in financing. The bank secured nearly $116 million for a 13-story mixed-use development at 312 Coney Island Ave., in Windsor Terrace, Brooklyn. The project will encompass rental apartments, retail space, and a church.
1. JPMorgan Chase
As the largest bank in the U.S., JPMorgan Chase provided a total of $106 billion in commercial real estate loans in the second quarter of 2022, up 6% compared to the same period last year. In August, the bank’s lending activity totaled $477.5 million in New York City.
JPMorgan supplied more than $222 million of the $435 million debt package Innovo Property Group received to refinance a multi-story industrial development at 23-30 Borden Ave. in Long Island City, Queens. Starwood Property provided the senior loan for the project. IPG purchased the site for $75 million in January 2019, in a joint venture with Atalaya Capital Management and Nan Fung Group, several sources reported.