20 Exchange’s $269M Loan

Money is still flowing to rental apartment properties in the Financial District. The Art Deco tower at 20 Exchange Place refinanced in January with a $268.7 million loan from Berkadia.

DTH Capital, the owners of the 57-story, 767-unit apartment high-rise, received a 10-year, fixed-rate loan through Freddie Mac, brokered by Ackman-Ziff Real Estate Capital Advisors, to refinance existing debt on the property.

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

The high-rise was built in 1931 as the headquarters for City Bank-Farmers Trust, now known as  Citibank. It’s still the tallest tower south of Wall Street.

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