JDS, PMG extend $400M construction loan from AIG at 111 West 57th Street

Michael Stern’s JDS Development Group and Kevin Maloney’s Property Markets Group through the entity 111 West 57th Property Owner LLC as borrower signed a loan agreement with lender AIG through the entity American General Life Insurance Company valued at $400 million for 61 parcels, including the tax classes commercial and residential condominium units (R4, R5) at 111 West 57th Street in Midtown West on Billionaires’ Row. The deal closed on December 15, 2020 and was recorded on January 26, 2021.

This extends the maturity date to June 15, 2021. The loan documents include the four residential condo units that have been recorded as sold, which are units 11B, 11C, 11D and 16S, according to PincusCo’s new development condo sales tracker.
Direct link to Acris document. link
The signatory for the lender was Michael Medvin.

Correction: A prior version of this story had the incorrect first name for Kevin Maloney.