{"id":1004308310,"date":"2019-03-13T11:20:30","date_gmt":"2019-03-13T19:20:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004308310"},"modified":"2021-05-15T04:11:45","modified_gmt":"2021-05-15T12:11:45","slug":"moinian-closes-595m-refi-for-manhattan-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/moinian-closes-595m-refi-for-manhattan-asset\/","title":{"rendered":"Moinian Closes $595M Refi for Manhattan Asset"},"content":{"rendered":"<div id=\"attachment_1004308313\" style=\"width: 170px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/commercial_midtown-new-york_3-columbus-circle_main.jpg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004308313\" data-attachment-id=\"1004308313\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/moinian-closes-595m-refi-for-manhattan-asset\/commercial_midtown-new-york_3-columbus-circle_main-301x566\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/commercial_midtown-new-york_3-columbus-circle_main-301x566.jpg\" data-orig-size=\"301,566\" 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;0&quot;}\" data-image-title=\"3 Columbus Circle\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;3 Columbus Circle&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/commercial_midtown-new-york_3-columbus-circle_main-301x566.jpg?w=301\" loading=\"lazy\" class=\"wp-image-1004308313 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/commercial_midtown-new-york_3-columbus-circle_main.jpg\" alt=\"\" width=\"160\" height=\"300\" \/><\/a><p id=\"caption-attachment-1004308313\" class=\"wp-caption-text\">3 Columbus Circle<\/p><\/div>\n<p>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\u2019s headquarters.<\/p>\n<p>The loan includes ten years of interest-only payments at a rate of 3.9 percent that replaces Moinian\u2019s existing $350 million CMBS loan, according to a press release announcing the closing. With the new loan and the additional acquisition of the VMLY&amp;R office condo within the building, Moinian has reacquired full control of the property. Mary Ann Tighe and Gregory Tosko of CBRE represented VMLY&amp;R in the deal.<\/p>\n<p>Moinian first acquired the 751,685-square-foot office building in a joint venture with SL Green in 2011. Located on Broadway between 57<sup>th<\/sup> and 58<sup>th<\/sup> 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.\u2019s headquarters.<\/p>\n<p>After completing a redevelopment of the building in 2012, including a new fa\u00e7ade, lobby and elevator systems, the building reached full occupancy, and remains that way currently. Anchor tenants at the property include Nordstrom, Chase and CVS.<\/p>\n<p><em>\u201cFor twenty years 3 Columbus Circle has been a cornerstone of The Moinian Group\u2019s portfolio and remains a benchmark for the standard of quality and excellence that we aim to achieve,\u201d <\/em>said Joseph Moinian, founder &amp; CEO of The Moinian Group, in prepared remarks.<em> \u201cOur 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.\u201d<\/em><\/p>\n<p>Moinian has been an active developer in New York City and other major U.S. cities since 1982. In 2017, Moinian <a href=\"https:\/\/www.commercialsearch.com\/news\/moinian-group-launches-new-lending-arm\/\">launched a new lending platform<\/a>, Moinian Capital Partners, for borrowers seeking a minimum of $25 million.<\/p>\n<p><em>Image courtesy of The Moinian Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The developer secured a CMBS loan for 3 Columbus Circle, formerly known as the Newsweek Building and originally built as the General Motors Corp.\u2019s headquarters.<\/p>\n","protected":false},"author":745,"featured_media":1004308316,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,1600,21742,10,21747],"tags":[44666,33992,33991,44663],"class_list":["post-1004308310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-3-columbus-circle","tag-joseph-moinian","tag-the-moinian-group","tag-vmlyr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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