Moinian scores $223M refi for Flatbush condominium elaborate

Joe Moinian with 123 Linden Blvd (The Moinian Team)

The Moinian Group landed a $223 million refinancing deal for its 467-unit Flatbush condominium making.

The deal arrives a lot less than a 12 months soon after the developer secured a $170 million refinancing package for the advanced, situated in Prospect Lefferts Gardens, from an AIG subsidiary last July.

Lender of China presented the new loan, which leaves the developer with $53 million in dollars following paying out down the earlier financial debt.

The 26-tale recently designed rental complex at 123 Linden Boulevard is dubbed PLG. It began leasing in 2019.

The developer receives sizeable tax breaks for the task through the 421-a tax incentive system benefiting reasonably priced multifamily developments in the metropolis. In exchange, the setting up delivers 141 center-profits flats, ranging from $2,156-a-thirty day period studios to $3,122-a-thirty day period 3-bedrooms, according to the city’s economical housing web site. The Moinian Team did not quickly return requests for remark.

Yet another Moinian improvement was sued last yr by citizens who alleged that the landlord was improperly charging current market-rate rents irrespective of acquiring a tax abatement. That building, 90 Washington Road in the Money District, had received a 421-g exemption, supposed to incentivize the conversion of unused business area in Lower Manhattan into flats. The situation is pending before the condition Supreme Court in Manhattan.

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