Moinian Wins Mortgage Extension for 100 John Street
- Aug 15, 2011
New York–The Moinian Group has obtained an extension of the securitized $84 million mortgage loan on the Renaissance at 100 John Street, the residential portion of a 36-story mixed-use property in downtown Manhattan. Under the terms of the 100 John Street loan extension, the Moinian Group has committed to fund an upgrade for the property for an undisclosed amount.
Completed in 1995 by the Moinian Group, the 100 John Street property is one of the early office-to-mixed-use/residential conversions in downtown. It consists of 221 apartments, 35,000 square feet of retail space, 200,000 square feet of office space and a parking garage.
Getting the extension involved a long effort, says Joseph Moinian, CEO of the Moinian Group. He stresses that his company’s long-term ownership of the property was a critical component in getting the deal done.
“Lenders have been very flexible about the recapitalization of our core assets, and the Moinian Group’s reputation as a long-term owner gives us an advantage over the many small-time developers that emerged in recent years,” he tells MHN. “They’re flexible as much as they can be. I have no complaints from any lending institution that I’ve worked with, because none of them are new to us. They know that we’re in this for the long run.”
The company is, in fact, a specialist in downtown Manhattan. It currently owns over 5 million square feet of residential, retail and hotel space in the area. Most recently the company developed the Downtown W Hotel and Residence on the south side of the World Trade Center Memorial Park.