Moinian refis Marc rental tower with $136M Freddie Mac loan

Developer has tapped Freddie for large loans in past

Moinian Group Refinances Marc Tower with Freddie Mac Loan
From left: Newmark's Daniel Fromm, Newmark's Dustin D. Stolly, Moinian Group's Joe Moinian and Newmark's Jordan Roeschlaub along with 260 West 54th Street (Getty, Google Maps, Newmark, Moinian Group)

Joe Moinian refinanced his Marc apartment tower in the Theater District with a $136 million loan from Freddie Mac.

Newmark, through its lending arm Berkeley Point, provided the financing for the 395-unit building at 260 West 54th Street. The new debt, to be purchased by Freddie Mac, replaces a previous loan by Fannie Mae on the 42-story rental building.

A representative from the Moinian Group did not immediately respond to a request for comment. A Newmark team led by Dustin Stolly and Jordan Roeschlaub arranged the financing.

The Moinian Group developed the building in 2003. The building has a double-height lobby and a mix of studio, one-, two- and three-bedroom apartments. Rents start at about $3,700 for a studio and go up to $5,900 for a two-bedroom, according to StreetEasy.

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The building was part of Moinian’s broader push to develop on Manhattan’s West Side. Its other projects in the area include the massive, 1,175-unit Sky rental building at 605 West 42nd Street.

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Moinian refinanced that property in 2015 with a $500 million loan from Freddie Mac, which was then the government-backed agency’s largest-ever tax-exempt financing on a single building.

Freddie Mac announced last month that CEO Michael DeVito will retire in the first quarter of next year. The company has a lending cap of $75 billion for this year, down from $78 billion in 2022.