Chetrit, Minskoff and Moinian get $375M refi in Garment District

Loan for WeWork-anchored office complex replaces financing from 2006

May.May 31, 2018 11:29 AM

500-512 Seventh Avenue and from left to right: Joseph Chetrit, Joseph Moinian, and Edward Minskoff

Moinian Group, Chetrit Group and Minskoff Equities scored a $375 million loan to refinance a Garment District office complex.

Insurance giant American International Group provided the money to refinance 500-512 Seventh Avenue. The loan replaces older financing from 2006, including a loan for $186 million and another for $20.1 million, Debtwire reported. Iron Hound Management arranged the financing.

The three partners acquired the ground lease for the property, along with 228 West 38th Street, in 1999 for $140 million, according to property records. The Real Deal reported that the investors avoided defaulting on the financing in 2016 by securing an extension. Solil Management controls the land, and roughly 29 years remain on the ground lease.

Tenants of the complex include WeWork, which inked a lease in December for 250,000 square feet, and Touro College, which leased two floors in buildng back in 2014. The complex consists of two buildings — one that rises 17 stories (500 Seventh) and another that is 45 stories (512 Seventh). [Debtwire] — Kathryn Brenzel

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

RCP CEO Richard O’Toole and Related CFO David Zussman (Credit: O’Toole via Westchester Magazine and Zussman via Related)

Related tries to calm Israeli investors after market panic

Apollo Commercial Real Estate Finance CEO Stuart Rothstein and RedSky Capital principal Benjamin Bernstein (Credit: Apollo and ICSC)

Brooklyn development’s $150M loan falls into default

EB-5 could be brought back to life (Credit: iStock)

Could a pandemic bring EB-5 back to life?

Nonbank mortgage lenders could be left holding the bag for as much as $100 billion in late payments (Credit: iStock)

“It’s going to be a liquidity tsunami:” Mortgage firms gear up for missed payments

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth

Governor Andrew Cuomo (Cuomo by Steven Ferdman/Getty Images; iStock)

Cuomo suspends foreclosures and mortgage payments