February 18, 2020
The Moinian Group closed on a loan from Bank of China to refinance Oskar, the developer’s fully-leased luxury residential building at 572 Eleventh Ave. The $105-million loan at a fixed rate of 2.82% for 10 years replaces the existing construction debt on the project.
“Bank of China has been an enthusiastic, longtime partner with us,” said Michael Zarifpoor, VP of finance and acquisitions for The Moinian Group. “The success of Oskar continues to validate our success on the West Side.”
Located in Hell’s Kitchen at the southeast corner of West 43rd Street and Eleventh Avenue, Oskar is a 183,000-square-foot rental building containing 164 apartments and a full block of retail.
The refi continues an active period for Moinian, with the developer having just broken ground on the Hudson Arts Building, a 200,000-square-foot commercial project in West Chelsea. It also recently launched PLG, its first Brooklyn residential project.
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