Donald Quintin Of Lone Star Funds Acquires $343M Subperforming Debt Portfolio From Joseph Ottling Of Flagstar Financial
220 5th Avenue, 130 5th Avenue & 37 18 Northern Boulevard
$343,000,000
Building Size
—
Asset Type
Note / Loan
Closing
Feb 28, 2025
AI
The transaction involves an acquisition of an eight-loan portfolio of subperforming NYC office and retail debt. The properties included in the deal are situated at 220 5th Avenue, 130 5th Avenue, and 37 18 Northern Boulevard, covering the Manhattan and Long Island City, Queens markets. Lone Star Funds purchased the note/loan portfolio for a total transaction amount of $343,000,000.
Summary of transaction details:
- Property Type: Note / Loan
- Transaction Amount: $343,000,000
- Buyer: Donald Quintin - Lone Star Funds
- Seller: Joseph Ottling - Flagstar Financial
- Broker Representatives: Adam Spies & Joshua King - Newmark
The deal was arranged by Newmark, following Flagstar’s previous $142M loan sale amid rising delinquencies after a $1B capital infusion in 2024. This acquisition allows Lone Star Funds to expand its investment in the distressed debt market.
Players
New York Note / Loan Market Snapshot
Boundary boundary · Note / Loan · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93