Manhattan’s New Mondrian Hotel Gets Refi
An HFF team arranged the floating-rate loan with JPMorgan Chase Bank, N.A., on behalf of Moin Development Corp., sponsor of the 190-key luxury property. Proceeds were used to refinance the construction loan.
By Gail Kalinoski
HFF has arranged a $126.57 million refinancing for the Mondrian Park Avenue, a 190-key, luxury hotel that opened in October in Manhattan’s NoMad neighborhood at 444 Park Ave. South.
The HFF debt replacement team representing the borrower, David Moinian of Moin Development Corp., included Senior Managing Director Evan Pariser and Senior Director KC Patel.
The HFF team placed the floating-rate loan with JPMorgan Chase Bank, N.A. Loan proceeds were used to refinance the construction loan, a $109 million facility originated by Fortress Investment Group in late June 2015, according to the Commercial Observer.
Designed by Philippe Starck, the Mondrian Park Avenue is located at 444 Park Ave. South, blocks from the Empire State Building and Madison Square Park. The property is managed by Journal Hotels and is the first Mondrian-branded hotel in New York City. It features views from the Fifteen Stories rooftop lounge as well as the award-winning Cleo Restaurant created by Chef Danny Elmaleh and the Never Never nightclub.
“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,” Moinian said in a statement.
Moin Development is a full-service real estate development company that specializes in ground-up development and adaptive re-use of properties in the hospitality, residential, mixed-use and office building sectors.
The Mondrian Park Avenue was one of two Mondrian hotels to open in October, making them fourth and fifth Mondrian hotels along with properties in London, Los Angeles and Miami South Beach. The other new hotel is the 270-key Mondrian Doha in Qatar, which features four restaurants including Morimoto and CUT by Wolfgang Puck; two bars; the world’s largest ESPA spa; a 24-hour fitness centers and one of the largest ballrooms in Qatar. Owned by SBE, the Mondrian brand is expected to expand to Dubai, UAE, in 2019, and Playa Del Carmen, Mexico, by 2020.
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