{"id":1004201917,"date":"2017-12-29T06:52:14","date_gmt":"2017-12-29T14:52:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004201917"},"modified":"2022-12-08T14:11:04","modified_gmt":"2022-12-08T22:11:04","slug":"manhattans-new-mondrian-hotel-gets-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattans-new-mondrian-hotel-gets-refi\/","title":{"rendered":"Manhattan\u2019s New Mondrian Hotel Gets Refi"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Mondrian-Park-Avenue-e1514558490513.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004201919\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/manhattans-new-mondrian-hotel-gets-refi\/mondrian-park-avenue\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Mondrian-Park-Avenue-e1514558490513.jpg\" data-orig-size=\"798,618\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Mondrian Park Avenue\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Mondrian-Park-Avenue-e1514558490513.jpg?w=798\" class=\"alignright size-medium wp-image-1004201919\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Mondrian-Park-Avenue-e1514558490513.jpg\" alt=\"Mondrian Park Avenue\" width=\"300\" height=\"232\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Mondrian-Park-Avenue-e1514558490513.jpg 798w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Mondrian-Park-Avenue-e1514558490513.jpg?resize=300,232 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Mondrian-Park-Avenue-e1514558490513.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>By Gail Kalinoski<\/p>\n<p>HFF has arranged a $126.57 million refinancing for the Mondrian Park Avenue, a 190-key, luxury hotel that opened in October in Manhattan&#8217;s NoMad neighborhood at 444 Park Ave. South.<\/p>\n<p>The HFF debt replacement team representing the borrower, David Moinian of Moin Development Corp., included Senior Managing Director Evan Pariser and Senior Director KC Patel.<\/p>\n<p>The HFF team placed the floating-rate loan with JPMorgan Chase Bank, N.A. Loan proceeds were used to refinance the construction loan, a $109 million facility originated by Fortress Investment Group in late June 2015, according to the Commercial Observer.<\/p>\n<p>Designed by Philippe Starck, the Mondrian Park Avenue is located at 444 Park Ave. South, blocks from the Empire State Building and Madison Square Park. The property is managed by Journal Hotels and is the first Mondrian-branded hotel in New York City. It features views from the Fifteen Stories rooftop lounge as well as the award-winning Cleo Restaurant created by Chef Danny Elmaleh and the Never Never nightclub.<\/p>\n<p><i>&#8220;<\/i><em>We are excited to deliver Park Avenue&#8217;s newest luxury, lifestyle hotel and delighted with the speed and professionalism JPMorgan demonstrated to close our loan before the end of the year,&#8221;\u009d<\/em> Moinian said in a statement.<\/p>\n<p>Moin Development is a full-service real estate development company that specializes in ground-up development and adaptive re-use of properties in the hospitality, residential, mixed-use and office building sectors.<\/p>\n<p>The Mondrian Park Avenue was <a href=\"https:\/\/www.commercialsearch.com\/news\/sbe-debuts-2-mondrian-hotels\/\">one of two Mondrian hotels<\/a> to open in October, making them fourth and fifth Mondrian hotels along with properties in London, Los Angeles and Miami South Beach. The other new hotel is the 270-key Mondrian Doha in Qatar, which features four restaurants including Morimoto and CUT by Wolfgang Puck; two bars; the world&#8217;s largest ESPA spa; a 24-hour fitness centers and one of the largest ballrooms in Qatar. Owned by SBE, the Mondrian brand is expected to expand to Dubai, UAE, in 2019, and Playa Del Carmen, Mexico, by 2020.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An HFF team arranged the floating-rate loan with JPMorgan Chase Bank, N.A., on behalf of Moin Development Corp., sponsor of the 190-key luxury property. Proceeds were used to refinance the construction loan.<\/p>\n","protected":false},"author":1068,"featured_media":1004201919,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21751,1600,21742,10],"tags":[32792],"class_list":["post-1004201917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-hotel","category-new-york","category-latest","category-northeast","tag-hff"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Manhattan\u2019s New Mondrian Hotel Gets Refi - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/manhattans-new-mondrian-hotel-gets-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan\u2019s New Mondrian Hotel Gets Refi\" \/>\n<meta property=\"og:description\" content=\"An HFF team arranged the floating-rate loan with JPMorgan Chase Bank, N.A., on behalf of Moin Development Corp., sponsor of the 190-key luxury property. Proceeds were used to refinance the construction loan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/manhattans-new-mondrian-hotel-gets-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-12-29T14:52:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T22:11:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Mondrian-Park-Avenue-e1514558490513.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"798\" \/>\n\t<meta property=\"og:image:height\" content=\"618\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattans-new-mondrian-hotel-gets-refi\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/manhattans-new-mondrian-hotel-gets-refi\/\",\"name\":\"Manhattan\u2019s New Mondrian Hotel Gets Refi - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattans-new-mondrian-hotel-gets-refi\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattans-new-mondrian-hotel-gets-refi\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Mondrian-Park-Avenue-e1514558490513.jpg\",\"datePublished\":\"2017-12-29T14:52:14+00:00\",\"dateModified\":\"2022-12-08T22:11:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattans-new-mondrian-hotel-gets-refi\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/manhattans-new-mondrian-hotel-gets-refi\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattans-new-mondrian-hotel-gets-refi\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Mondrian-Park-Avenue-e1514558490513.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Mondrian-Park-Avenue-e1514558490513.jpg\",\"width\":798,\"height\":618},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattans-new-mondrian-hotel-gets-refi\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Manhattan\u2019s New Mondrian Hotel Gets Refi\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\",\"name\":\"Gail Kalinoski\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"caption\":\"Gail Kalinoski\"},\"description\":\"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. 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