Moinian, Thor Take $160M Life Company Loan to Refi NoMad Office Tower
Danielle Balbi March 2, 2016, 12:56 p.m.
AIG Global Real Estate lent $160 million against the The Moinian Group and Thor Equities’s 24-story office building at 245 Fifth Avenue between East 27th and East 28th Streets in NoMad, a source informed Commercial Observer.
The seven-year mortgage carries a three-year term with interest-only payments and a fixed rate of 3.99 percent, the source said on the condition of anonymity. Proceeds of the financing are being used to replace a $130 million loan Deutsche Bank originated in July 2014, city records show.
“The new financing replaces a bridge loan on the property and allows the sponsorship to capitalize on low rates while availing themselves of interest-only payments,” Drew Anderman, a senior managing director at Meridian Capital Group who worked on the deal, said in prepared remarks.
The brokerage’s Alan Blank, a senior vice president, also worked on the transaction.
The 314,000-square-foot tower, which was completed in 1926, contains roughly 302,400 square feet of office space and roughly 12,600 square feet for retail. Office tenants include Big Brothers and Big Sisters of New York City, Shangri-La International Hotels and Continuum Center for Health and Healing.
The corner building has 86 feet of frontage on Fifth Avenue and 125 feet of frontage along East 28th Street. Ground-floor retail tenants include Cafe 28 and a United Parcel Service store.
Representatives for Moinian Group, Thor Equities and AIG were not immediately available for comment.