Doronin lands $750M construction loan for Crown Building conversion
Bank OZK and Cain International provided debt
Vladislav Doronin landed a $750 million construction loan for his luxury condominium conversion of the Crown Building.
Bank OZK provided a senior loan of $300 million and the investment firm Cain International provided $450 million worth of mezzanine debt, Doronin’s OKO Group announced Tuesday.
Cain International, an investment firm partly owned by Los Angeles Dodgers’ owner Todd Boehly’s Eldridge Industries, had previously provided Doronin and his partner Aman with a $285 million loan to finance the project.
The developers plan to convert the upper portion of the former office building at 730 Fifth Avenue into 22 luxury apartments and an 83-room Aman hotel. The property’s five-story penthouse went into contract early last year for $180 million.
Cain and Doronin are also partnering on the construction of the 45-story condo tower Una in Miami.
Wharton Properties’ Jeff Sutton and General Growth Properties acquired the 390,000-square-foot building for $1.8 billion in 2015 from Eliot Spitzer and promptly sold off the upper 20 floors to Doronin and Michael Shvo for $500 million.
In August, Wharton and Brookfield Asset Management closed on an $800 million refinancing of the commercial portion of the building. Apollo Global Management provided the loan.