Moinian nabs $223M refi for Flatbush apartment complex

Deal is for $53M more than existing debt after previous refi last July

New York /
Jun.June 18, 2021 03:27 PM
Joe Moinian with 123 Linden Blvd (The Moinian Group)

Joe Moinian with 123 Linden Blvd (The Moinian Group)

The Moinian Group landed a $223 million refinancing deal for its 467-unit Flatbush apartment building.

The deal comes less than a year after the developer secured a $170 million refinancing package for the complex, located in Prospect Lefferts Gardens, from an AIG subsidiary last July.

Bank of China provided the new loan, which leaves the developer with $53 million in cash after paying down the previous debt.

The 26-story newly developed rental complex at 123 Linden Boulevard is dubbed PLG. It started leasing in 2019.

The developer receives substantial tax breaks for the project through the 421-a tax incentive program benefiting affordable multifamily developments in the city. In exchange, the building offers 141 middle-income apartments, ranging from $2,156-a-month studios to $3,122-a-month three-bedrooms, according to the city’s affordable housing website. The Moinian Group did not immediately return requests for comment.

Another Moinian development was sued last year by residents who alleged that the landlord was improperly charging market-rate rents despite receiving a tax abatement. That building, 90 Washington Street in the Financial District, had received a 421-g exemption, intended to incentivize the conversion of unused commercial space in Lower Manhattan into apartments. The case is pending before the state Supreme Court in Manhattan.





    Related Articles

    arrow_forward_ios
    817 Broadway and Taconic co-CEOs Charles Bendit and Paul Pariser (Taconic)
    Taconic lands $125M refi for renovated Union Square office building
    Taconic lands $125M refi for renovated Union Square office building
    From left: Innovo Property Group CEO Andrew Chung with 1110 Oak Point Avenue, Blackstone’s Jon Gray with the  Skyview Mall and Joseph Moinian with 123 Linden Blvd (New York Expo Center, Innovo, The Moinian Group, Getty, Shops at Skyview)
    Blackstone’s $285M refi tops list of outer-borough loans in June
    Blackstone’s $285M refi tops list of outer-borough loans in June
    From left: Parkway Hospital in Forest Hills, Top Rock Holdings’ Uri Mermelstein, Joseph Yushuvayev, Madison Realty Capital's Josh Zegen and SYU Properties’ Josif Elishayev (Google Maps, LinkedIn, Getty)
    Parkway Hospital buyers land bridge loan from Madison Realty Capital
    Parkway Hospital buyers land bridge loan from Madison Realty Capital
    From left: Sabey Corporation CEO John Sabey, National Real Estate Advisors CEO Jeffrey Kanne and 375 Pearl Street (Sabey, National Real Estate Advisors, Tdorante10/Wikimedia)
    Sabey lands $250M refi for 375 Pearl Street
    Sabey lands $250M refi for 375 Pearl Street
    Josh Baumgarten (left) and Adam Schwartz, co-CEOs and co-Chief Investment Officers of Angelo Gordon with 2 Huntington Quadrangle, Melville, 6 and 8 Corporate Center Drive in Melville (Angelo Gordon, We're Group)
    Angelo Gordon, We’re Group score $350M refi for Long Island offices
    Angelo Gordon, We’re Group score $350M refi for Long Island offices
    Chetrit Group principal Michael Chetrit and 850 Third Avenue (850thirdavenue)
    CMBS loan for Chetrit’s 850 Third Avenue enters special servicing
    CMBS loan for Chetrit’s 850 Third Avenue enters special servicing
    From left: Bain Capital Credit's David DesPrez, SKW's Ayush Kapahi and Danny Wrublin with 111 Wall Street (Google Maps, Getty, Chance Yeh)
    SKW Funding, Bain Capital in $1.3B JV for troubled debt
    SKW Funding, Bain Capital in $1.3B JV for troubled debt
    Renderings of Greenpoint Landing in Greenpoint, 141 Willoughby Street in Downtown Brooklyn and 45-57 Davis Street in Long Island City (Photos via OMA, SLCE Architects and J Frankl Architects)
    These were the top outer-borough loans in May
    These were the top outer-borough loans in May
    arrow_forward_ios

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

    Loading...