Deal also gives the firm complete ownership of the building
Moinian Group has secured a $595 million CMBS loan from J.P. Morgan + Deutsche Bank to refinance 3 Columbus Circle. This comes a few months after Moinian bought out SL Green’s 48.9 percent stake in the 768,565 square-foot office building.
Financing details The new 10-year loan replaces an existing $350 million CMBS loan, and carries an interest rate of 3.9 percent. Documents from the Tel Aviv Stock Exchange note that the building is valued at $1 billion. Retail tenants include Nordstrom, Chase, and CVS.
Why it matters: This deal gives Moinian full ownership of the property. The company is using some of the excess proceeds from the loan to buy out Young & Rubicam’s six-story office condo (214,372 SF) for $266 million. The marketing firm paid $143.6 million for the unit in 2012, and continues to occupy 44 percent of the building.