Holliday Fenoglio Fowler announced the $126.57 million refinancing of the Mondrian Park Avenue, a 190-room, luxury 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.. Loan proceeds were used to refinance the construction loan.
Designed by Philippe Starck, Mondrian Park Avenue opened in October 2017 and features 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 NoMad.
“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.
The HFF debt placement team representing the borrower included senior managing director Evan Pariser and senior director KC Patel.
Moin Development specializes in ground up development and adaptive re-use of properties in the hospitality, residential, mixed-use and office building sectors.