Global Holdings Acquires $115M Mortgage on Mondrian Park Avenue
Cushman & Wakefield has arranged the $115-million sale of the mortgage on the Mondrian Park Avenue, a luxury 190-key hotel at 444 Park Ave. South in NoMad.
Adam Spies and Dan O’Brien of Cushman & Wakefield represented Moin Development, which converted a 15-story office building to the 190-key, 20-story hotel, opening it in 2017. Eyal Ofer’s Global Holdings, an owner of more than 10 million square feet of real estate, comprising more than 100 properties and 2,500 hotel keys, acquired the loan.
It’s not clear what the property’s current financial situation is. In late 2019, a few months prior to the onset of the pandemic, JBA Equities secured a $135-million financing package that refinanced the Mondrian Park Avenue’s $126.57 million of existing debt.
- ◦Sale/Acquisition
