The Moinian Group secured a $595 million loan to refinance its 26-story property at 3 Columbus Circle in New York City, Commercial Observer reported, citing sources with knowledge of the transaction.

The property developer landed the 10-year loan carrying a 3.91% interest rate from J.P. Morgan and Deutsche Bank, the publication noted.

Moinian will use the proceeds to acquire Young & Rubicam Inc.'s six-story, 214,372-square-foot office condominium at 3 Columbus Circle for $266 million, bringing its ownership of the property to 100%, the publication added, citing documents filed on the Tel Aviv Stock Exchange.

According to the report, Moinian has already leased the condominium to an unnamed tenant at $76 per square foot over a term of 15 years.

Moinian finalized its buyout of real estate investment trust SL Green Realty Corp.'s stake in 3 Columbus Circle in 2018.

The publication could not obtain a comment on the matter from officials at Moinian, J.P. Morgan and Deutsche Bank.