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$750M Loan Advances Aman Hotel Project at Crown Building
Aman and OKO Group secured a $750-million construction loan from Cain International to finance the development of Aman New York within the Crown Building at 731 Fifth Ave. Cain is providing $450 million in mezzanine financing, and worked to arrange a senior tranche of $300 million from Bank OZK.
The loan will finance the conversion of the building to Aman’s first urban mixed-use development, anticipated to open in Q4 2020. The 95,000-square-foot residential portion will include 22 residences above the 117,000-square-foot hotel with 83 guest rooms and suites.
“We look forward to bringing Aman to New York, with its unrivalled address in an iconic building with strong architectural identity, impeccable service and exceptional amenities,” said OKO CEO Vladislav Doronin. “It will be a game changer for the city.”
Doronin and SHVO have owned the property’s upper 20 floors since 2015. The commercial portion is owned by Wharton Properties and Brookfield.
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