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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.
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.