Berkadia Secures $265M in New York
Berkadia, New York, secured $268.7 million to refinance for 20 Exchange Place, a New York City mixed-use property.
Nick Cassino, Managing Director in Berkadia’s New York, arranged the 10-year, fixed-rate loan through Freddie Mac, McLean, Va., for borrower DTH Capital Inc., New York. Ackman-Ziff Real Estate Capital Advisors, New York, served as DTH Capital’s broker.
The loan closed on January 9, Cassino said.
Completed in 1931, 20 Exchange Place served as headquarters for Citibank predecessor City Bank-Farmers Trust. At 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 apartment building with 90,000 retail square feet.
Berkadia also closed two Arizona transactions. Senior Managing Director Mark Forrester, Managing Director Ric Holway, Senior Director Dan Cheyne and Associate Director Tom Wolff sold Laguna at Arrowhead Ranch, a Glendale multifamily property, for $25.75 million.
Rivendell Global Real Estate, New York, acquired the asset from RK Properties, Long-Beach, Calif.
“Phoenix’s metropolitan market saw strong multifamily activity in 2016, and we anticipate great opportunities for investors as this trend continues throughout this year,” Forrester said. “As the area continues to be a major employment hub of the southwest region, rental demand and apartment leasing activity will remain elevated.”
In Scottsdale, Ariz., Forrester, Holway, Cheyne and Wolff represented both buyer Jamal Holdings and seller Optimus Real Estate Fund when Jamal Holdings acquired The Allison Condominiums for $17.3 million.
“This is an exceptional fractured condominium development in the attractive North Scottsdale area,” Holway said. “Jamal Holdings has been investing in multifamily properties for many years, and was attracted to this property for its dynamic location and strong upside potential.
Holway said the 152 units sold represent part of a 332-unit community built in 1988.
