Feoh Capital assigned $110M note secured by Moin Development’s Nomad hotel

The entity Feoh Capital LLC through the entity Feoh Capital LLC acquired a note with an original principal of $110 million from Arbor Realty Trust secured by Moin Development’s hotel (H1) at 444 Park Avenue South in Nomad, Manhattan.
The deal closed on June 8, 2021 and was recorded on June 21, 2021.
The property has 120,400 square feet of built space according to the PincusCo analysis of city data.
The owner bought the property on 2-Jan-18, for $28.1 million.
(121181675)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 190 hotel units on September 19, 2017.
David Moinian was the signatory on the 2019 loan from KeyBank totaling $110 million.
Within a 400-foot radius of 444 Park Avenue South, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, three were for major renovation including a certificate of occupancy change. They were one permit application with a total initial cost of $325,000, one permit with a total initial cost of $834,702 and one initial temporary certificate of occupancy issuance for a project that initially cost $834,702. The most recent of these three items was the filing on October 5, 2020 for a 234,902-square-foot B building with no residential units at 470 Park Avenue South.
Of those seven items, four were loans above $5 million totaling $143.8 million. The most recent of the four was Samco Properties which borrowed $15 million from Apple Bank For Savings secured by the 126,784-square-foot, 16-unit office building (O6) on 424 Park Avenue South on March 10, 2020.

Direct link to Acris document. link