Jonathan Aghravi of JBA Equities and his team have secured a $135 million financing package for the Mondrian Park Avenue hotel located at 444 Park Avenue South.
The financing package consists of a senior mortgage of $110 million and $25 million of mezzanine financing. The senior mortgage was originated by KeyBank Real Estate Capital and the mezzanine loan was financed by South Korea based Fidelis Asset Management. Aghravi and his team consisting of Charles Han and Eli Terry, along with Tal Bar-or of Lantern Real Estate, represented the borrower, David Moinian of Moin Development.
The loan proceeds were used to refinance the existing debt on the Mondrian Park Avenue which was financed two years ago by J.P. Morgan.
Moinian converted a 15-story office building to the 190-key, 20-story hotel which opened in October 2017. The hotel, located on East 30th Street and Park Avenue South in NoMad, is managed by Journal Hotels and the food and beverage component is managed by In Good Company.