Big things are happening in Brooklyn- Flatbush, specifically. As reported by The Real Deal, The Moinian Group has lent developer Solomon Feder 160 million on 123 Linden Boulevard. The loan is floating rate, priced at 8.25%, and has a 42 month term. In light of the industry as a whole taking it slow during a sluggish period in the deal cycle, this kind of financing is significant. The loan will be used to convert the property, currently a nursing home, into a residential building. The building will be large, with a forecasted 487 units at the most recent report. In addition to providing debt, the Moinian Group is investing 20 million to take a 49.9% equity stake. A previous loan made to refinance the property of 23 million is encompassed within the scope of the 160 million dollar deal.
The Moinian Group is a privately held real estate firm that develops, owns, and operates a portfolio that spans New York, Chicago, Dallas, and Los Angeles. The group is currently hard at work on the west side of Manhattan, developing a condominium building in Chelsea at 220 11th Avenue and a luxury residential building in Hell’s Kitchen at 572 11th Ave.