New York – Aman and OKO Group announce a $750M construction loan from Cain International to finance the development of Aman New York, which will occupy the Crown Building situated in the heart of Manhattan on the corner of 5th Avenue and 57th Street. Cain International is providing $450M in mezzanine financing and worked to arrange a senior tranche of $300M, which will be provided by Bank OZK. The total cost of the project is $1.25BN.
The loan will finance the conversion of the building to the first urban mixed-use development created by Aman, anticipated to open Q4 2020. The 95,000 square foot residential portion will include 22 exclusive residences and sit above the 117,000 square foot hotel with 83 guestrooms and suites.
Amenities will include a Japanese and Italian restaurant, as well as a Wine Library. The hotel will include more than 7,000 square feet of outdoor dining space with its Garden Terrace, as well as a Jazz Club, and spa. Specialty lifestyle management and concierge services by Aman are also available to guests.
The development will also encompass an exclusive Aman members club with three tiers; Spa Membership, featuring a comprehensive wellness center, a pool flanked by fire pits and day beds, and spa houses each with a private garden terrace. The Jazz Membership showcases live entertainment, and the highly exclusive top-tier Aman Club, encompassing two-floors of dedicated space, including two private bars and a cigar terrace, as well as access to the Spa and Jazz clubs.
“This transaction marks another significant development for Cain International as we expand our reach in the U.S. market,” said Cain International CEO Jonathan Goldstein. “The loan will help Aman transform an iconic building in New York City, and we are delighted to bring our expertise to this prominent project which will deliver a new standard of luxury, services, and amenities to the modern consumer.”
This loan furthers an existing relationship between Cain International and OKO Group, which includes equity shares in three Miami properties, Missoni Baia, Una Residences, and 830 Brickell, Miami’s first new office skyscraper in over a decade.