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Moinian Group Refinances 3 Columbus Circle for $595M

The developer also acquired the six-story office condominium in the building from VMLY&R reportedly for $266 million, finally gaining full control of the property.

3 Columbus Circle 3 Columbus Circle

NEW YORK CITY—The Moinian Group closed on a $595 million commercial mortgage-backed security loan from J.P. Morgan and Deutche Bank to refinance 3 Columbus Circle. The loan includes 10 years of interest-only payments at a rate of 3.914%. It replaces the Moinian Group’s existing $350 million CMBS loan.

The Moinian Group also announced with excess loan proceeds from the CMBS loan and additional cash equity, it closed on the purchase of a six-story office condominium in the building from VMLY&R. In September 2018, WPP merged the brands of VML and Y&R, (Young & Rubicam) forming the new agency VMLY&R. Moinian stated with their acquisition from VMLY&R, they gained complete building ownership.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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