Moinian Group to up 123 Linden debt from $170M to $220M

The Moinian Group last month signed a non-binding memorandum of understanding with an unnamed lender that will refinance the $170 million AIG loan provided in 2020 and secured by 123 Linden Boulevard with a new $220 million loan, according to a filing with the Tel Aviv Stock Exchange.
Moinian Group signed the agreement March 24, 2021, for a seven-year, non-recourse loan. There are several conditions to finalizing the agreement, including keeping residential occupancy above 90 percent.
As part of the agreement, Joseph Moinian will maintain a net worth of $100 million including $10 million in liquid assets.
123 Linden is a 467-unit rental building that obtained its initial temporary certificate of occupancy in August 2019.