Commercial Observer – 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.
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.