Doronin, Aman Group land $285M development loan for Crown Building

UK-based investment firm Cain International is the lender

New York /
Dec.December 19, 2018 05:40 PM

From left: Jonathan Goldstein, the Crown Building at 11 W 56th Street, and Vladislav Doronin (Credit: CityRealty)

Vladislav Doronin’s OKO Group and its partner Aman Group landed a $284.5 million loan from Cain International to fund the conversion of the Crown Building’s upper floors into apartments and a hotel.

The partners plan to turn the upper portion of the office building at 730 Fifth Avenue into 20 luxury apartments and an 83-room Aman hotel. The five-story penthouse went into contract for $180 million earlier this year, which could make it the city’s most expensive apartment once the sale closes.

The new loan replaces a mortgage from Deutsche Bank and Oxford Properties Group. It is the first time that Cain, a U.K.-based real estate investment firm, issued a construction loan in the U.S.

Cain and Doronin are also partnering on the construction of the 47-story condo tower Una at 175 Southeast 25th Road in Miami.

Doronin and then-partner Michael Shvo bought floors four through 24 of the property for $475 million in 2015. A year later, Shvo was pushed out as a co-developer following tax evasion charges, but he kept a stake in the project.


Related Articles

arrow_forward_ios
Just-sold Shelter Island hotel borrows $17M for transformation
Just-sold Shelter Island hotel borrows $17M for transformation
Just-sold Shelter Island hotel borrows $17M for transformation
Ty Warner and Four Seasons 57 East 57th Street (Getty, Google Maps)
Ty Warner’s Four Seasons Hotel sues tenant over $2.7M of missed rent
Ty Warner’s Four Seasons Hotel sues tenant over $2.7M of missed rent
Trump nearing $370M sale of DC hotel to Miami investment firm
Trump nearing $370M sale of DC hotel to Miami investment firm
Trump nearing $370M sale of DC hotel to Miami investment firm
Hotel Association sues city over severance pay mandate
Hotel Association sues city over severance pay mandate
Hotel Association sues city over severance pay mandate
Pandemic paralysis: Delta continues to impede hotel, restaurant recovery
Pandemic paralysis: Delta continues to impede hotel, restaurant recovery
Pandemic paralysis: Delta continues to impede hotel, restaurant recovery
Trump’s DC hotel lost $70M during presidency
Trump’s DC hotel lost $70M during presidency, docs say
Trump’s DC hotel lost $70M during presidency, docs say
Wyndham CEO Geoff Ballotti and Marriott CEO Anthony Capuano (Getty, Wyndham, Marriott)
Hotel companies increasingly turning to all-inclusive resorts
Hotel companies increasingly turning to all-inclusive resorts
The hotel recovery is far from complete
The hotel recovery is far from complete
The hotel recovery is far from complete
arrow_forward_ios

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

Loading...