Moinian Closes $595M Refi for Manhattan Asset
- Mar 13, 2019
The Moinian Group has closed on a $595 million CMBS loan from J.P. Morgan and Deutsche Bank to refinance 3 Columbus Circle in New York City, a Class A office property that also serves as the company’s headquarters.
The loan includes ten years of interest-only payments at a rate of 3.9 percent that replaces Moinian’s existing $350 million CMBS loan, according to a press release announcing the closing. With the new loan and the additional acquisition of the VMLY&R office condo within the building, Moinian has reacquired full control of the property. Mary Ann Tighe and Gregory Tosko of CBRE represented VMLY&R in the deal.
Moinian first acquired the 751,685-square-foot office building in a joint venture with SL Green in 2011. Located on Broadway between 57th and 58th Streets, across from the Time Warner Center and Central Park, the property was formerly known as the Newsweek Building and was originally built as the General Motors Corp.’s headquarters.
After completing a redevelopment of the building in 2012, including a new façade, lobby and elevator systems, the building reached full occupancy, and remains that way currently. Anchor tenants at the property include Nordstrom, Chase and CVS.
“For twenty years 3 Columbus Circle has been a cornerstone of The Moinian Group’s portfolio and remains a benchmark for the standard of quality and excellence that we aim to achieve,” said Joseph Moinian, founder & CEO of The Moinian Group, in prepared remarks. “Our history with 3 Columbus Circle began at a very different time in the market, so it is especially gratifying to reacquire full control of this beloved property.”
Moinian has been an active developer in New York City and other major U.S. cities since 1982. In 2017, Moinian launched a new lending platform, Moinian Capital Partners, for borrowers seeking a minimum of $25 million.
Image courtesy of The Moinian Group