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Moin Development Lands $135M Loan for Park Avenue Hotel

Moin Development secured $135 million in financing from KeyBank Real Estate Capital and South Korea based Fidelis Asset Management for the Mondrian Park Avenue hotel.

New York City.

NEW YORK CITY – Moin Development, a real estate development company under the Moinian Group, has secured $135 million in financing from KeyBank Real Estate Capital and South Korea based Fidelis Asset Management for the Mondrian Park Avenue hotel located at 444 Park Avenue South. JBA Equities arranged the financing.

Financing included the KeyBank senior mortgage of $110 million and the $25 million mezzanine loan from Fidelis. Proceeds were used to refinance the existing mortgage and fund reserves J.P. Morgan financed two years ago, Jonathan Aghravi, principal at JBA Equities, tells GlobeSt.com.

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Mariah Brown

Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.

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