NEW YORK — The owner of the Mondrian Park Avenue hotel, which opened in October, has refinanced a $126.57 million loan on the property.
Real estate banking firm Holliday Fenoglio Fowler, worked on behalf of the owner, David Moinian of the Moin Development Corp, to place the floating-rate loan with JPMorgan Chase Bank. Loan proceeds were used to refinance the construction loan.
Designed by Philippe Starck, Mondrian Park Avenue opened in October 2017 and features sweeping New York City views from the Fifteen Stories rooftop lounge; the award-winning Cleo Restaurant created by Chef Danny Elmaleh; and the Never Never night club. The property is managed by Journal Hotels. Situated on the corner of East 30th Street and Park Avenue, the hotel is located at 444 Park Avenue South in the heart of Manhattan’s NoMad neighborhood, one of New York City’s most vibrant, gentrifying neighborhoods. Mondrian Park Avenue is blocks from the Empire State Building and Madison Square Park in addition to Grand Central and Penn Station.
The luxury Mondrian Park Avenue features 190 rooms.
“We are excited to deliver Park Avenue’s newest luxury, lifestyle hotel and delighted with the speed and professionalism JPMorgan demonstrated to close our loan before the end of the year,” Mr. Moinian said.
Originally constructed in 1918 as a 15-story office building, five floors were added during the hotel conversion elevating the property to a 20-story hotel. The hotel was initially an SLS hotel designed by Philippe Starck. The Mondrian Park Avenue brand is licensed from SBE. It was named after Dutch painter Piet Mondrian.