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Moinian, Chetrit, and Minskoff get $375M refi in Garment District

05.31.2018

Moinian Group, Chetrit Group and Minskoff Equities scored a $375 million loan to refinance a Garment District office complex.

Insurance giant American International Group provided the money to refinance 500-512 Seventh Avenue. The loan replaces older financing from 2006, including a loan for $186 million and another for $20.1 million, Debtwire reported. Iron Hound Management arranged the financing.

The three partners acquired the ground lease for the property, along with 228 West 38th Street, in 1999 for $140 million, according to property records.

Tenants of the complex include WeWork, which inked a lease in December for 250,000 square feet, and Touro College, which leased two floors in building back in 2014. The complex consists of two buildings — one that rises 17 stories (500 Seventh) and another that is 45 stories (512 Seventh).

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