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

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

New York /
Mar.March 03, 2016 08:30 AM

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 


Related Articles

arrow_forward_ios
Joe Sitt and Charles Scribner’s Sons Building in Midtown (Thor, Google Maps)
Thor’s $150M loan on 597 Fifth heads to special servicing
Thor’s $150M loan on 597 Fifth heads to special servicing
The Scribner Building at at 597 Fifth Avenue and Joe Sitt of Thor Equities (Wikipedia Commons)
Thor delinquent on $105M loan at 597 Fifth
Thor delinquent on $105M loan at 597 Fifth
Amazon's Jeff Bezos, Thor Equities' Joseph Sitt, and 280 Richards Street (Photos via Getty; Thor Equities)
Amazon inks deal for 312K-sf at Thor’s Red Hook warehouse
Amazon inks deal for 312K-sf at Thor’s Red Hook warehouse
Tel Aviv Stock Exchange bull (Wikimedia Commons)
NYC developers face downgrades on Israeli bond market
NYC developers face downgrades on Israeli bond market
Stefano Ricci, Joe Sitt and 118-120 Northeast 39th Street (Getty, Thor, Google Maps)
Thor Equities sues to evict Stefano Ricci from Miami Design District
Thor Equities sues to evict Stefano Ricci from Miami Design District
SL Green CEO Marc Holliday, 590 Fifth Avenue and Thor Equities CEO Joseph Sitt (Holliday via Grant Lamos IV/Getty Images; Google Maps)
SL Green moves to foreclose on Thor’s 590 Fifth Ave
SL Green moves to foreclose on Thor’s 590 Fifth Ave
Thor Equities’ Joe Sitt and a rendering of 933 Broadway (Credit: Thor)
Thor Equities sues Mactaggart over latest broken deal
Thor Equities sues Mactaggart over latest broken deal
Thor Equities’ big bet on Fulton Market is paying off
Thor Equities’ big bet on Fulton Market is paying off
Thor Equities’ big bet on Fulton Market is paying off
arrow_forward_ios

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

Loading...