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

UK-based investment firm Cain International is the lender

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.

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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.

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

UK-based investment firm Cain International is the lender

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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.

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