The Moinian Group has closed a $140 million financing for Ocean at One West Street, the developer’s high-rise multifamily property located in Battery Park.
The 10-year permanent refinancing, secured through Freddie Mac on behalf of Delaware-based Ocean Prime LLC, includes a 3.99 percent fixed interest rate and is full-term interest-only.
“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 The Moinian Group founder & CEO Joseph Moinian.
“Ocean continues our success in Lower Manhattan while also expanding our portfolio of best-in-class residential properties throughout the city.”
The financing of Ocean follows on the heels of several Moinian residential projects. Most recently, the company completed Oskar, a 14-story, 118-residence luxury rental building on the Far West Side. Oskar is located across the street from Sky, The Moinian Group’s 71-story tower luxury rental building, which includes 1,175 units and 70,000 s/f of amenity space.
“We were excited to work with The Moinian Group to source market leading financing for such an iconic, landmarked, Manhattan asset,” said Stewart Campbell, senior managing director of Berkadia, who arranged the financing on behalf of Moinian. The transaction closed on October 25.
Located at 1 West St., Ocean is across from historic Battery Park and the New York Harbor and offers 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.