The Moinian Group has closed on a $105 million loan from Bank of China to refinance Oskar, the developer’s fully leased luxury residential building at 572 11th Avenue.
The loan was secured at a fixed rate of 2.82 percent for a period of ten years and replaces the existing construction loan debt on the project.
“Bank of China has been an enthusiastic, long-time partner with us. The success of Oskar continues to validate our success on the West Side,” said Michael Zarifpoor, vice president of finance and acquisitions for The Moinian Group.
“We want to thank them for working with us on this project, putting permanent financing in place to finalize another successful ground-up development in our robust pipeline.”
Located in the Hell’s Kitchen neighborhood at the southeast corner of West 43nd Street and 11th Avenue, Oskar is a 183,000 s/f rental building consisting of 164 apartments with a full block of retail, of which half is leased to Starbucks and The Learning Experience.
Oskar also includes a lobby with sky-lit reflective pond, a lounge, private sundeck and rooftop space designed in collaboration with CetraRuddy, as well as a professionally landscaped terrace by HMWhite.
Residents also have access to an in-building gym and are a short walk away from Life Time Athletic at Sky, The Moinian Group’s 1,175 unit luxury residential property at 42nd Street and 11th Avenue.
The Oskar transaction follows Moinian’s launch of PLG, its first residential property in Brooklyn, and the completion of foundation work at 3 Hudson Boulevard, it’s 1.9 million-square-foot Hudson Yards District office tower in partnership with Boston Properties.
Moinian is also developing the Hudson Arts Building, a 200,000 s/f ground-up new commercial development in West Chelsea.