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Joseph Moinian's Moinian Group Secures $169M Construction Loan From Gregg Lemkau Of MSD Partners

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FINANCED
$169,000,000

New York

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Development Site213,017 SF
Financed 12/12/2024
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Property Image
FINANCED

Joseph Moinian's Moinian Group Secures $169M Construction Loan From Gregg Lemkau Of MSD Partners

3 Platt Street

See Similar Deals
Development Site213,017 SF
Financed 12/12/2024
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$793
Total Square Footage:213,017 SF
Transaction Type:Loan

A construction loan of $169,000,000 has been secured by Moinian Group for a 250-unit residential project located at 3 Platt Street in Manhattan’s Financial District. The asset is classified as a development site, with both a building square footage and a total square footage of 213,017. This transaction replaces a previous $58,000,000 land loan from 2022.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $169,000,000
  • Address: 3 Platt Street
  • Market: Financial District, Manhattan
  • Asset Size: 213,017 BSF/SF
  • Lender: Gregg Lemkau - MSD Partners
  • Landlord: Joseph Moinian - Moinian Group
  • Loan Type: Construction

Gregg Lemkau represents MSD Partners as the lender in this transaction, while Joseph Moinian represents Moinian Group in securing the construction loan for their project at 3 Platt Street.

Players

MP
MSD Partners
LENDER

Details

FINANCED
IMAGE: Joseph Moinian & Gregg Lemkau DATE: 12/12/2024 ADDRESS: 3 Platt Street MARKET: Financial District, Manhattan ASSET TYPE: Development Site ~ BSF: 213,017 ~ SF: 213,017 LENDER: Gregg Lemkau - MSD Partners LANDLORD: Joseph Moinian (@MoinianJ) - Moinian Group (@MoinianGroup) LOAN AMOUNT: $169,000,000 LOAN TYPE: Construction NOTE: Moinian Group secured a $169M construction loan from MSD Partners for a 250-unit residential project at 3 Platt Street in Manhattan’s Financial District, replacing a $58M land loan from 2022.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$169,000,000.00

Monthly NOI$1,126,666.67
Monthly Debt Service$1,068,194.96
Change in Cash Flow$0.00
Refinance Proceeds$0.00