Berkadia Commercial Mortgage LLC closed a $135.65 million Freddie Mac loan for the Ocean at One West Street in New York City. Working with Freddie Mac, Vice President Erik Storz and Senior Vice President Stewart Campbell originated the fixed-rate loan, refinancing the property for borrower The Moinian Group.
Located in Manhattan’s Battery Park neighborhood, the property is a 446,000-sq.-ft. condominium on the 14th through 31st floors of the former Whitehall building. The property consists of 492 apartment units, ground-floor retail space and a multi-level parking garage. The apartments, which are 98 percent occupied, have unobstructed views of Lower Manhattan and the Statue of Liberty. The first 13 floors of the building are part of a separate condominium unit and are dedicated to office tenants.
“Considering the condominium element of this multifamily property, this deal had some complexities that needed to be addressed upfront, but we worked very closely with Freddie Mac’s team to ensure that we delivered a loan with the maximum proceeds and the best possible rate for The Moinian Group,” Storz said in a statement.
Berkadia was able to secure a seven-year loan for the property with three years of interest-only payments. The financing had a 70 percent loan-to-value ratio and has a competitive interest rate, which helped to substantially increase the loan proceeds.