Wells Fargo Provides $75M CMBS Refi for Moinian’s 450 Park Avenue South
By Cathy Cunningham May 30, 2019 12:02 pm
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The Moinian Group has nabbed a $75 million loan to refinance 450–460 Park Avenue South, Commercial Observer has learned.
Wells Fargo provided the 10-year commercial mortgage-backed securities loan in a financing arranged by JLL’s Aaron Appel, Kellogg Gaines, Jackson Sastri and Matt Fagella.
Built in 1912, the 12-story, 183,019-square-foot property sits on the southwest corner of Park Avenue South and 31st Street.
Moinian has owned the asset for more than three decades, having purchased it in 1982. It was the company’s first acquisition, followed soon after by the purchase of a nine-building portfolio in the Flatiron District.
“450-460 Park Avenue South has proven to be an excellent investment for the Moinian Group,” Appel said. “The property offers open and airy office space that is highly desirable to current tenants and is located within one of the hottest submarkets in the nation, convenient to both Grand Central and Penn Station. We are pleased to negotiate new financing for the property, which is currently 95 percent leased to a high-caliber roster of tenants, which stands as an important component of the Moinian Group’s portfolio.”
Last year, coworking giant WeWork signed a lease for 55,000 square feet at the building. Other tenants and subtenants in the Midtown South building include ShopKeep—a tablet-based point of sale for retailers and restaurants which subleases 23,400 square feet from sublandlord Deep Focus—and California-based software company Pipedrive, which leases 8,000 square feet.
Officials at Moinian Group and Wells Fargo were not immediately available for comment.
