Moinian refis Marc rental tower with $136M Freddie Mac loan
Developer has tapped Freddie for large loans in past
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.
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.
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.