Storz and Campbell of Berkadia originate $135.65 million refinance; arranged on behalf of Moinian Group

The New York office of Berkadia Commercial Mortgage LLC recently closed a $135.65 million Freddie Mac loan for the Ocean at One West St. 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 the Battery Park neighborhood, the property is a 446,000 s/f 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 have views of lower Manhattan and the Statue of Liberty, and are 98% occupied. 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," said Storz. Berkadia was able to secure a seven-year loan for the property with three years of interest-only payments. The financing had a 70% loan-to-value ratio and has a competitive interest rate, which helped to substantially increase the loan proceeds. The loan on the property was closed on March 9. Berkadia Commercial Mortgage LLC is one of the most prominent lenders in the commercial real estate industry and a highly rated special, master and primary servicer managing a portfolio of more than $190 billion as of December 2011. As a correspondent for insurance companies and other institutional lenders and a leading approved lender for Fannie Mae, Freddie Mac and HUD/FHA, Berkadia offers clients access to capital for the acquisition, construction, rehabilitation or refinance of commercial real estate properties.