Moinian Group Bags $40M Land Loan From Signature Bank for Site of Future FiDi Tower
By Cathy Cunningham September 24, 2018 11:19 am
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Signature Bank has provided a $40 million loan to refinance three vacant commercial properties in the Financial District owned by the The Moinian Group, Commercial Observer has learned.
The 12-month land loan features two six-month extension options and a prime-based floating rate.
The buildings, at 102-110 John Street, will soon be redeveloped into a 37-story luxury mixed-use tower with an alternate address of 3 Platt Street, New York YIMBY reported in March, with five stories of retail occupying the base of the property.
The four- and five-story buildings have a total gross square footage of 64,983 square feet.
The development site encompasses 14,229 square feet and has more than 250,000 square feet of development rights.
Meridian Capital Group’s Drew Anderman and Alan Blank negotiated the debt. Officials at the brokerage declined to comment on the lender’s identity.
“This loan was structured with no prepayment penalty, therefore providing maximum flexibility to the borrower as they proceed with their development plans for the site,” Anderman commented in prepared remarks.
Moinian Group also owns the 29-story, 92-unit apartment tower next door at 100 John Street.
Officials at Moinian Group and Signature Bank declined to comment.
