The Real Deal New York

Moinian Lands $132M in financing for 2 Washington Street

Square Mile Capital provided the deal
By Mary Diduch | December 14, 2018 01:30PM

Joseph Moinian (Credit: STUDIO SCRIVO) and 17 Battery Place

The Moinian Group scored some new financing for its tower at 2 Washington Street in the Financial District, which is undergoing a partial residential conversion.

Square Mile Capital is providing Moinian with $131.5 million in financing for the work at the 31-story North Building in the two-building, mixed-use complex called 17 Battery Park, according to a new city filing.

The Moinian Group partnered with Collaborative Construction Management to undertake the conversion, which will provide 345 rental units. Nyack College owns part of the 1970s-era building.

Square Mile declined to comment and Moinian could not immediately be reached for comment.

The new financing comprises a senior loan of about $64 million, a building loan of about $60.5 million and a project loan of about $6.9 million.

The financing covers Unit 3A, which includes portions of the North Building’s basement and first floor, and the 2nd through 15th floors, according to its condo declaration.

In October, Moinian landed $140 million in financing from Berkadia Commercial Mortgage for its South Tower, a rental tower at 1 West Street.