The Moinian Group announced today that it has closed a $119.75 million refinance for 550 South Hill Street, also known as the International Jewelry Center, in Los Angeles.
Bank of China provided the five-year loan, interest only throughout the term. The new loan — approximately 60 percent loan-to-value — refinanced an existing $116.8 million CMBS loan.
The International Jewelry Center, located at 550 South Hill Street in Los Angeles’ famous Jewelry District, has an assortment of over 350 retail and wholesale jewelry experiences all in one location. Today, the building’s coveted leases are held by 405 tenants — predominantly jewelry manufacturers, wholesalers, retailers and couriers — who enjoy luxurious amenities and unrivaled state-of-the-art security.
One of New York City’s most active developers, Moinian also owns, manages, and is in development of 4 million square feet of commercial and residential real estate across five acres on Manhattan’s 11thAvenue.
Current projects include: 3 Hudson Boulevard, the developer’s 66-story, approximately 2 million-square-foot tower located on the most desirable parcel of land in the Hudson Yards District; the firm’s newest residential building, 572 11th Avenue; and opened Sky, its luxurious, 71-story, 1,175-unit residential tower at 42nd Street and 11th Avenue. The developer is also planning a luxury residential building at 220 11thAvenue designed by renowned architect Zaha Hadid.
For more information about The Moinian Group please visit www.moinian.com
About The Moinian Group
Founded by Joseph Moinian, The Moinian Group today owns and operates a diversified portfolio of assets across the United States and is among the only national real estate entities to develop, own and operate properties across every asset category, including office, hotel, retail, condos and rental apartments. The Moinian Group's holdings include high-profile assets in America's leading cities, including New York, Dallas and Los Angeles. For the past three decades, The Moinian Group has been a pioneer in the development of emerging areas of New York City such as Downtown and West Side of Manhattan, developing commercial, residential and mixed-use projects that combine luxury living, modern office space and high quality retail. The Moinian Group maintains a reputation for developing state-of-the-art, aesthetically distinguished properties as the firm continues to strive for excellence. More information on the Moinian Group and its portfolio can be found at www.moinian.com.
