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).