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Debt & Equity

DTH Capital refinances 20 Exchange Place with $268M loan

Berkadia announced the $268.7 million financing of 20 Exchange Place, a luxury residence building and iconic New York City landmark.

Managing director Nick Cassino of the New York office arranged the 10-year, fixed-rate loan through Freddie Mac on behalf of the New York-based borrower, DTH Capital, Inc.

Ackman-Ziff Real Estate Capital Advisors was the exclusive broker for DTH Capital on the transaction. The loan, which closed on January 9, was used to refinance existing debt on the property.

“This was a highly structured, complex deal,” said Cassino. “Freddie Mac, Ackman-Ziff and DTH Capital all collaborated with Berkadia to work through the issues to structure a loan that was a win-win for everyone.”

Completed in 1931, the property was originally constructed as the headquarters for City Bank-Farmers Trust, one of the largest banks in the United States at the time and predecessor to what would later transform into one of the largest banking institutions, Citibank. At its completion, the property was New York City’s fourth tallest building and remains the tallest building south of Wall Street.

Today, 20 Exchange is a 57-story, 767-unit luxury apartment building with 90,000 additional square feet of retail space.

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