Bank of China to provide $539M for Moinian Group tower

Financing will be in the form of low-interest rate bonds, carry four-year term

New York /
Jun.June 04, 2014 05:45 PM

UPDATED, 11:20 a.m. August 4: The Moinian Group just got one step closer to securing the financial future of its 60-story rental building at 605 West 42nd Street.

The development firm is set to close a deal with Bank of China that would provide $539 million in HFA credit enhancement bonds to pay for the construction project, sources tell the New York Observer.

The financing will be in the form of low-interest rate bonds and carry a four-year term, according to an Observer source.

The Bank of China has been meeting demand for debt financing in the New York City market in a big way lately. In March, The Real Deal reported that the bank was behind the $600 million loan for Vornado’s long-delayed luxury condo building at 220 Central Park South.

Joseph Moinian’s massive residential tower was similarly delayed. In 2012, Moinian told The Real Deal the property would no longer include condos. The developer filed a new application for the site last year, and as of this January, construction was moving along. [NYO]Tom DiChristopher


Related Articles

arrow_forward_ios
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Tel Aviv Stock Exchange bull (Wikimedia Commons)
NYC developers face downgrades on Israeli bond market
NYC developers face downgrades on Israeli bond market
JPMorgan Chase CEO Jamie DImon and 410 Madison Avenue (Getty Images, Google Maps)
JPMorgan Chase closes on $115M buy of Bank of China’s former HQ
JPMorgan Chase closes on $115M buy of Bank of China’s former HQ
 David Bistricer of Clipper Equity and 77 Commercial Street in Greenpoint (REIT and Google Maps)
Bistricer lands $386M construction loan for Greenpoint project
Bistricer lands $386M construction loan for Greenpoint project
The Moinian Group's Joseph Moinian, 3 Hudson Boulevard and Boston Properties' Owen Thomas (Credit: The Moinian Group, FX Collaboratiive and Boston Properties)
Hudson Yards district’s newest office tower to cost $2.6B
Hudson Yards district’s newest office tower to cost $2.6B
Joe Moinian and 90 Washington Street (Credit: Google Maps, iStock)
Moinian sued for charging market-rate rents despite tax break
Moinian sued for charging market-rate rents despite tax break
The Eugene at 435 West 31st Street and Brookfield's Ric Clark (Credit: StreetEasy and Brookfield)
Brookfield scores $479M refi on Manhattan West resi tower
Brookfield scores $479M refi on Manhattan West resi tower
From left: Daniel Chetrit, Max Moinian and Joseph Moinian (Photos by Anuja Shakya)
See who made it to Moinian’s holiday bash
See who made it to Moinian’s holiday bash
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...