News
WHAT'S THIS ABOUT REFINANCING?
April 2, 2012
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| Forget about breaking up; we think refinancing is hard to do. Yet, the Moinian Group has landed a $136M Freddie Mac loan (arranged by Berkadia Commercial Mortgage's Erik Storz and Stewart Cambell) to refi its 446k SF condo at One West St in Battery Park City (above). By condo, we mean the non-office portion of the building: 492-apartments on the 14th through 31st floors (98% occupied), ground-floor retail, and multi-level parking. The loan is fixed-rate for seven years, including three years of interest-only payments. It's a 70% LTV. |
