December 10, 2019
JBA Equities secured a $135-million financing package for Moin Development’s Mondrian Park Avenue hotel at 444 Park Ave. South in NoMad. Loan proceeds refinanced the property’s $126.57 million of existing debt, which was provided by JPMorgan Chase.
The financing package included a $110-million senior mortgage and $25 million of mezzanine financing. The senior mortgage was originated by KeyBank Real Estate Capital; the mezz loan was financed by South Korea based Fidelis Asset Management.
JBA’s Jonathan Aghravi and his team of Charles Han and Eli Terry, along with Tal Bar-or of Lantern Real Estate, represented the borrower, David Moinian of Moin Development.
Moinian converted a 15-story office building to the 190-key, 20-story hotel, which opened in October 2017. The hotel is managed by Journal Hotels, while the food and beverage component is managed by In Good Company.
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