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

UK-based investment firm Cain International is the lender

TRD 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
Clockwise from left: AC Hotel Midtown Miami, E11even and the Gabriel Miami (Credit: iStock, Wikipedia)

$1K a night, easy: South Florida hotels score high rates for Super Bowl LIV

Rami Zeidan, Ashton Kutcher, and Life House properties

Hotel management startup Life House raises $30M for national expansion

The Blakely Hotel at 136 West 55th Street and Richard Born (Credit: Google Maps, Richard Born by Studio Scrivo)

Blakely Hotel may shut down, lay off 54 workers

Hilton CEO Christopher Nassetta and Arianna Huffington (Credit: Getty Images)

Hilton unveils new brand, with a hand from Arianna Huffington

Mayor Bill de Blasio and New York City Hotel Trades Council president Peter Ward (Credit: Getty Images)

In nod to union, de Blasio will seek special permit for hotel development

150 West 48th Street and Sam Chang (Credit: Google Maps and iStock)

What retirement? Sam Chang files plans for Midtown hotel

Clockwise from top left: 134-37 35th Avenue, 137-61 Northern Boulevard and 110-00 Rockaway Boulevard 

Brooklyn? Fuhgeddaboudit. Queens has the biggest outer-boro hotel projects

A rendering of 450 11th Avenue with David Marx of Marx Development Group (left) and 350 West 39th Street with Sam Chang (Credit: DSM Design Group and Gene Kaufman Architect)

Manhattan’s biggest hotel project this year? It’s a tie

arrow_forward_ios
Loading...