HFF announces $126.57M refinancing for Mondrian Park Avenue hotel in New York City
NEW YORK, NY – December 27, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $126.57 million refinancing for the Mondrian Park Avenue, a 190-room, luxury, lifestyle hotel in Manhattan.
The HFF team worked on behalf of the sponsor, David Moinian of the Moin Development Corp, to place the floating-rate loan with JPMorgan Chase Bank, N.A. (“JPMorgan”). Loan proceeds were used to refinance the construction loan.
Designed by Philippe Starck, Mondrian Park Avenue opened in October 2017 and features sweeping New York City views from the Fifteen Stories rooftop lounge; the award-winning Cleo Restaurant created by Chef Danny Elmaleh; and the Never Never night club. The property is managed by Journal Hotels. Situated on the corner of East 30th Street and Park Avenue, the hotel is located at 444 Park Avenue South in the heart of Manhattan’s NoMad neighborhood, one of New York City’s most vibrant, gentrifying neighborhoods. Mondrian Park Avenue is blocks from the Empire State Building and Madison Square Park in addition to Grand Central and Penn Station.
“We are excited to deliver Park Avenue’s newest luxury, lifestyle hotel and delighted with the speed and professionalism JPMorgan demonstrated to close our loan before the end of the year,” Mr. Moinian said.
The HFF debt placement team representing the borrower included senior managing director Evan Pariser and senior director KC Patel.
About Moin Development Corp
Moin Development Corp is a full-service real estate development company located in New York City. Building on over 30 years of real estate and property development experience, Moin Development specializes in ground up development and adaptive re-use of properties in the hospitality, residential, mixed-use and office building sectors. With a firm financial position, extensive holdings, and access to resources, Moin Development has proven to be dynamic and focused on developing the places the market wants and needs now. Visit http://www.moindevelopment.com for more information.
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.