CORPORATE
Moinian refis Marc rental tower with $136M Freddie Mac loan
The Real Deal | Oct 17, 2023
CORPORATE
Moinian refis Marc rental tower with $136M Freddie Mac loan
The Real Deal | Oct 17, 2023
Joe Moinian refinanced his Marc apartment tower in the Theater District with a $136 million loan from Freddie Mac.
Newmark, through its lending arm Berkeley Point, provided the financing for the 395-unit building at 260 West 54th Street. The new debt, to be purchased by Freddie Mac, replaces a previous loan by Fannie Mae on the 42-story rental building.
A representative from the Moinian Group did not immediately respond to a request for comment. A Newmark team led by Dustin Stolly and Jordan Roeschlaub arranged the financing.
The Moinian Group developed the building in 2003. The building has a double-height lobby and a mix of studio, one-, two- and three-bedroom apartments. Rents start at about $3,700 for a studio and go up to $5,900 for a two-bedroom, according to StreetEasy.