David Moinian’s Moin Development borrows $110M from KeyBank for hotel development in Nomad

David Moinian’s Moin Development through the entity A&L 444 LLC as borrower signed a loan agreement with lender KeyBank valued at $110 million for 1 parcel, including the tax class luxury type hotel built prior to 1960 (H1) at 444 Park Avenue South in Nomad. The deal closed on December 2, 2019 and was recorded on December 10, 2019.
The property contains a total of 120,400 square feet of built space.
The average loan per buildable square foot is $914.
The total debt package on the 190-key NoMad hotel Mondrian Park Avenue is $135 million, with $110 million in a senior loan from KeyBank and $25 million in mezzanine debt from Fidelis Asset Management. The debt was arranged by JBA Equities’s Jonathan Aghravi, Charles Han and Eli Terry and Lantern Real Estate’s Tal Bar-or, the Commercial Observer reported.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 190 hotel units on September 19, 2017.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $707,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link