David Moinian’s Moin Development has secured an $135 million loan package from KeyBank and Fidelis Asset Management to refinance 444 Park Avenue South. The Mondrian Park Avenue hotel contains 190 rooms.
- Financing breakdown: KeyBank provided an $110 million senior mortgage, and Fidelis supplied $25 million in mezzanine debt. The three-year financing package retires $126.7 million in debt provided by JP Morgan Chase in 2017.
- Worth Noting: David Moinian paid $45 million for what used to be a 15-story office building in 2011. He subsequently spent $150 million converting the Nomad property into a 20-story hotel that opened in 2017. Journal Hotels manages operations, while In Good Company oversees the food and beverage element.
- Heard on the Street: Jonathan Aghravi’s JBA Equities who brokered the deal told CO: “Fidelis proved to be a great resource in this transaction as they were attracted to the quality and location of the asset… It was a pleasure to collaborate with everyone involved in order to structure a debt stack that provided the borrower with competitive terms.”