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New York & Tri-State  + Downtown New York  + Hospitality  |  December 10, 2019
Paul Bubny
By: Paul Bubny

JBA Sources JPMorgan Debt for Mondrian Park Avenue

JBA Equities secured a $135-million financing package for Moin Development’s Mondrian Park Avenue hotel at 444 Park Ave. South in NoMad. Loan proceeds refinanced the property’s $126.57 million of existing debt, which was provided by JPMorgan Chase.

The financing package included a $110-million senior mortgage and $25 million of mezzanine financing. The senior mortgage was originated by KeyBank Real Estate Capital; the mezz loan was financed by South Korea based Fidelis Asset Management.

JBA’s Jonathan Aghravi and his team of Charles Han and Eli Terry, along with Tal Bar-or of Lantern Real Estate, represented the borrower, David Moinian of Moin Development.

Moinian converted a 15-story office building to the 190-key, 20-story hotel, which opened in October 2017. The hotel is managed by Journal Hotels, while the food and beverage component is managed by In Good Company.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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