facebook
Traded Co logo
Submit
Daily limit: 0/10

Donald Quintin Of Lone Star Funds Acquires $343M Subperforming Debt Portfolio From Joseph Ottling Of Flagstar Financial

Property Image
SOLD
$343,000,000
Joshua King
Adam Spies
DQ

New York

See Similar Deals
Note / Loan
Sold 02/28/2025
the dealplayerscompscontact
Property Image
SOLD

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

See Similar Deals
Note / Loan
Sold 02/28/2025
Joshua King
Adam Spies
DQ
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Note / Loan
Transaction Type:Sale

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

Adam Spies
Newmark
Adam Spies
260 deals$71.4B volume(212) 841-7500
BROKER
Joshua King
Newmark
Joshua King
114 deals$32.5B volume(212) 850-5427
BROKER
DQ
Donald Quintin
8 deals$623.8M volume
BUYER

Details

SOLD
IMAGE: Adam Spies, Donald Quintin, Joseph Ottling & Joshua King DATE: 02/28/2025 ADDRESS: 220 5th Avenue, 130 5th Avenue & 37 18 Northern Boulevard MARKET: Manhattan & Long Island City, Queens ASSET TYPE: Note / Loan BUYER: Donald Quintin - Lone Star Funds SELLER: Joseph Ottling - Flagstar Financial BROKERS: Adam Spies & Joshua King - Newmark (@Newmark) VALUE: $343,000,000 NOTE: Lone Star Funds acquired an eight-loan, $343M subperforming NYC office and retail debt portfolio from Flagstar Financial at a slight discount. The sale, arranged by Newmark, follows Flagstar’s prior $142M loan sale and comes amid its struggles with rising delinquencies after a $1B capital infusion in 2024. /Loan

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$18,293,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$1,218,606.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,625,994.99
Annual Debt Service$19,511,939.89