Joseph Moinian has closed on an $84 million loan extension at the Financial District rental tower at 100 John Street, known as the Renaissance, where he had been facing a foreclosure lawsuit from special servicer LNR Partners, a representative for the developer said today, according to an article by Sarabeth Sanders at therealdeal.com.
Moinian, CEO of the Moinian Group, had been in talks with his lenders to refinance the loan for more than a year, according to records from commercial real estate analytics firm Trepp, the article said. LNR filed to foreclose on the property in February, alleging that Moinian had not been making monthly mortgage payments despite taking in $550,000 per month in rent at the 221-unit property and despite having been notified of his default on the loan in August 2010.
"The Moinian Group takes huge pride in the long-term ownership of this asset and we have been working to extend this maturing mortgage for some time," Moinian said in a statement provided to The Real Deal. "This extension allows us to move forward with the planned renovation of this core asset and once again demonstrates our commitment to working with our banks and lenders to secure the long-term success of our portfolio."
The tower was a commercial-to-residential conversion that launched at the height of the market with expectations of achieving average rents of $3,600 per unit, but ran into trouble when the economy soured, the article said, adding that "last year, the average tenant was paying $2,645 per month at the building, up from an average of $2,533 per month in 2009, Trepp records show."
The 34-story building is distinguished by many setbacks and by some attractive plaques depicting a seahorse, a Viking galleon and a steamship.
Avinash K. Malhotra was the architect for the residential conversion in 1998 that created 221 rental apartments.
The building, which is also known as 90 John Street, 15 Platt Street and 20 Gold Street, has a 24-hour concierge, a health club, a roof deck, valet services, and an entrance marquee beneath a large blue-glass screen.
Moinian, CEO of the Moinian Group, had been in talks with his lenders to refinance the loan for more than a year, according to records from commercial real estate analytics firm Trepp, the article said. LNR filed to foreclose on the property in February, alleging that Moinian had not been making monthly mortgage payments despite taking in $550,000 per month in rent at the 221-unit property and despite having been notified of his default on the loan in August 2010.
"The Moinian Group takes huge pride in the long-term ownership of this asset and we have been working to extend this maturing mortgage for some time," Moinian said in a statement provided to The Real Deal. "This extension allows us to move forward with the planned renovation of this core asset and once again demonstrates our commitment to working with our banks and lenders to secure the long-term success of our portfolio."
The tower was a commercial-to-residential conversion that launched at the height of the market with expectations of achieving average rents of $3,600 per unit, but ran into trouble when the economy soured, the article said, adding that "last year, the average tenant was paying $2,645 per month at the building, up from an average of $2,533 per month in 2009, Trepp records show."
The 34-story building is distinguished by many setbacks and by some attractive plaques depicting a seahorse, a Viking galleon and a steamship.
Avinash K. Malhotra was the architect for the residential conversion in 1998 that created 221 rental apartments.
The building, which is also known as 90 John Street, 15 Platt Street and 20 Gold Street, has a 24-hour concierge, a health club, a roof deck, valet services, and an entrance marquee beneath a large blue-glass screen.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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