Moinian Group Snags $140M Freddie Mac Mortgage to Refi Lower Manhattan Resi Building

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National lender Berkadia Commercial Mortgage has granted a $140 million Freddie Mac loan to The Moinian Group to refinance Ocean at One West Street, a major Lower Manhattan residential high-rise, the developer announced today.

SEE ALSO: Berkadia Funds NJ Mixed-Use Development With $92M in CMBS Debt

Berkadia’s 10-year loan comes at a fixed rate of 3.99 percent, and Moinian will only owe interest payments until the full principal is due in 2028. The debt refinances a prior mortgage of around the same total from the selfsame lender 2012.

The building, which went up in 1902, was converted to residential use in 1999. It hosts 491 apartments in a 31-story, 410,000 square-foot frame, adjacent to The Battery between Morris Street and Battery Place.

“After investing in Lower Manhattan over 20 years ago, we are very satisfied with the prosperous transformation that has gotten the neighborhood to where it is today,” Joseph Moinian, The Moinian Group’s founder, said in a statement. “Ocean continues our success in Lower Manhattan while also expanding our portfolio of best-in-class residential properties throughout the city.”

Stewart Campbell, a managing director at Berkadia, worked on the loan for the New York City-based originator.

“We were excited to work with The Moinian Group to source market leading financing for such an iconic, landmarked, Manhattan asset,” Campbell said in prepared remarks.

A studio rented for $2,400 this week, according to data from StreetEasy, while a two-bedroom unit with two bathrooms came off the market last week for $5,538.

A representative for Berkadia did not immediately respond to a request for comment.