The Oskar.
NEW YORK CITY- The Moinian Group, a national real estate owner and operator of real estate, has secured a $105 million loan from the Bank of China to refinance 572 11th Ave. on the southeast corner of West 43rd Street and 11th Avenue, in Hell's Kitchen, Manhattan.
The loan has a fixed rate of 2.8 percent over 10 years and will replace the current construction loan debt on the project. The property, dubbed The Oskar, is a 183,000-square-foot, 164 apartment rental building with a full-block of retail leased to Starbucks and The Learning Experience. The 1,175 unit luxury residential property at 42nd Street and 11th Avenue.
"Bank of China has been an enthusiastic, long-time partner with us. The success of Oskar continues to validate our success on the West Side," said Michael Zarifpoor, vice president of finance and acquisitions for The Moinian Group, in a prepared statement. "We want to thank them for working with us on this project, putting permanent financing in place to finalize another successful ground-up development in our robust pipeline."
Oskar features a lobby complete with sky-lit reflective pond, a lounge, private sundeck, and rooftop space designed in collaboration with CetraRuddy, and a landscaped terrace by HMWhite. Residents have access to an in-building gym and are only a short walk away from Life Time Athletic at Sky.
The Oskar transaction builds upon Moinian's strategy. The firm recently launched PLG, its first residential property in Brooklyn, and is finalizing foundation work at 3 Hudson Boulevard, it's 1.9 million-square-foot Hudson Yards District office tower in partnership with Boston Properties.
Moinian also has several other new developments underway, including the groundbreaking of the Hudson Arts Building, a 200,000 ground-up new commercial development in West Chelsea.
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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.
