NEW YORK – November 1, 2018 – Berkadia today announced the $140 million financing for Ocean at One West Street, a high-rise multifamily property by The Moinian Group in the Battery Park neighborhood of downtown Manhattan, New York. Senior Managing Director Stewart Campbell of Berkadia’s New York office secured the financing through Freddie Mac on behalf of Delaware-based Ocean Prime LLC. The deal closed on October 25.
The 10-year permanent refinancing features a 3.99 percent fixed interest rate and is full-term interest-only.
“We were excited to work with The Moinian Group to source market leading financing for such an iconic, landmarked, Manhattan asset,” said Campbell. “Clearing the market, we were able to deliver the best terms available, ultimately structuring a 10-year Freddie Mac mortgage loan.”
Located at 1 West St., Ocean is conveniently located across from historic Battery Park and the New York Harbor and affords convenient access to several subway lines. The property, built in 1902 as an office building, was converted to residential use in 1999. The studio, one-, two- and three-bedroom units feature high ceilings, gourmet kitchens with granite countertops and marble bathrooms. On-site amenities include a fully equipped fitness center, private laundry, storage facilities and an outdoor roof deck overlooking the New York Harbor.
“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,” said Joseph Moinian, founder and CEO of The Moinian Group.