The Moinian Group has landed a construction loan of $104 million for the mixed-use building it is planning in Hell’s Kitchen.
The loan for the 13-story, 164-unit building at 572 11th Avenue came from the New York State Housing Finance Agency and Bank of China. Moinian will make 46 of the units affordable, and the terms of the loan require the company to substantially finish construction by January 2020, according to documents filed with the Tel Aviv Stock Exchange.
Joseph Moinian’s company bought the property in 2004 for $5.9 million and filed plans with the city for the mixed-use project in 2015. The building would span about 125,000 square feet, and expected amenities include retail on the ground floor, a gym on the second floor and a rooftop with two private terraces.