New York City.
NEW YORK CITY – Moin Development, a real estate development company under the Moinian Group, has secured $135 million in financing from KeyBank Real Estate Capital and South Korea based Fidelis Asset Management for the Mondrian Park Avenue hotel located at 444 Park Avenue South. JBA Equities arranged the financing.
Financing included the KeyBank senior mortgage of $110 million and the $25 million mezzanine loan from Fidelis. Proceeds were used to refinance the existing mortgage and fund reserves J.P. Morgan financed two years ago, Jonathan Aghravi, principal at JBA Equities, tells GlobeSt.com.
Moin converted what was once a 15-story office building into the 190-key, 20-story hotel, which opened in October 2017. Journal Hotels, a hospitality manager and operator, manages the hotel, while In Good Company manages the food and beverage component.
Located on East 30th Street and Park Avenue South in NoMad, the luxury hotel was recently voted one of the best 25 hotels in New York City by Conde Nast Traveler 2019 Readers' Choice awards.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
