The Real Deal New York

Moinian, Thor secure $160M loan for 245 Fifth Avenue

The developers have sought capital for the 24-story building before

March 03, 2016 08:30AM

Moinian-Sitt-245-Fifth

From left: Joseph Moinian, Joseph Sitt and 245 Fifth Avenue

The Moinian Group and Thor Equities secured a $160 million loan from AIG Global Real Estate for their office building at 245 Fifth Avenue in NoMad.

The developers had a $130 million loan from Deutsche Bank from July 2014, according to city records. The mortgage, which is for seven years, carries a three-year term with interest-only payments, the New York Observer reported. It has a fixed rate of 3.99 percent.

In 2011, Joseph Moinian of the Moinian Group and Joseph Sitt of Thor Equities closed a deal to buy out Goldman Sachs for $162 million for the 24-story, 307,418-square-foot office building at the corner of East 28th Street. Drew Anderman of Meridian Capital Group brokered the deal.

Moinian and Sitt have sought capital for the building before, and in March 2012, a $140 million loan on was transferred into special servicing because of default concerns. [NYO]Dusica Sue Malesevic 

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