The Moinian Group Closes on $140M Refinancing of One West St.
The developer notes the property reaffirms the revitalization of Lower Manhattan.
NEW YORK CITY—The Moinian Group closed a $140 million financing for Ocean at One West Street, a high-rise multifamily property in Downtown Manhattan’s Battery Park.
The 10-year permanent refinancing, secured through Freddie Mac on behalf of Delaware-based Ocean Prime LLC, includes a 3.99% fixed-interest rate and is full-term interest-only. Berkadia served as the broker which arranged the financing for Moinian.
“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,” says Joseph Moinian, the Moinian Group founder and CEO.
“We were excited to work with The Moinian Group to source market leading financing for such an iconic, landmarked, Manhattan asset,” says Stewart Campbell, senior managing director of Berkadia, who arranged the financing on behalf of Moinian.
The apartment complex is across from Battery Park and the New York Harbor. Built as an office building in 1902, the property was converted to residential use in 1999.