December 10, 2019 Comments Off on JBA Sources JPMorgan Debt for Mondrian Park Avenue Views: 502 Downtown New York, New York News

JBA Sources JPMorgan Debt for Mondrian Park Avenue

Order Reprints...

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.

Connect With JBA’s Aghravi

Subscribe to Connect Daily New York

For comments, questions or concerns, please contact Paul Bubny

Tags: ,

Comments are closed.

Send this to a friend