Moinian Group secures $100M to refi NoMad office building

Loan for 13-story property includes a $33M gap mortgage
By Miriam Hall | September 26, 2016 01:27PM

Joseph Moinian and 60 Madison Avenue (credit: Moinian)

The Moinian Group locked in a $100 million loan from Deutsche Bank to refinance its NoMad office building at 60 Madison Avenue, according to property records filed with the city Monday.

The loan for the 13-story Property Near East 27th Street replaces a $66.5 million loan provided by Wachovia Bank in 2007. The new financing includes a $33.5 million gap mortgage, records show.

The 169,000 square-foot-building features about 156,300 square feet of office space and 13,000 square feet of retail space. Software services startup Tapad Inc. and video marketing agency Eyeview Digital are the two largest tenants in the building, according to CoStar. In March, men’s fashion brand Todd Snyder announced plans to open its first U.S. retail store, taking 5,700 square feet at the base of the building.

The Moinian Group, led by Joseph Moinian, has owned the building since 1996. In June, the company revealed plans to build a condominium at 220 11th Avenue to be designed by the late Zaha Hadid and her firm Zaha Hadid Architects.