JPMorgan sells $110M loan secured by Moin Development’s hotel Mondrian in Nomad

JPMorgan Chase Bank sold the $110 million senior mortgage secured by Moin Development’s 444 Park Avenue South to the anonymous lender Mondrian Mortgage Lender LLC.
The deal closed on August 4, 2020 and was recorded on August 18, 2020.
The property contains a total of 120,400 square feet of built space.

David Moinian’s Moin Development bought the building in a complex transaction in 2011 valued at $45 million and took out loans that by 2019 totaled $110 million in senior debt. The originator of the $110 million in debt in December 2019 was KeyBank but it immediately sold the debt to JPMorgan Chase. The entity Mondrian Mortgage Lender LLC was registered in Delaware on August 3, 2020 and used a Santa Monica office of the law firm Bryan Cave for the registered address in Acris.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 190 residential (or hotel) units on September 19, 2017.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $727,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link