DTH refis 20 Exchange Place with $269M loan

The Berkadia mortgage replaces a previous Natixis financing
By Chava Gourarie | January 18, 2017 05:25PM

20 Exchange Place (Credit: Twenty Exchange)

DTH Capital secured a $268.7 million loan from Berkadia to refinance their 57-story rental tower at 20 Exchange Place in the Financial District.

The financing replaces a $240 million loan Natixis Real Estate Capital, made in 2014, and adds an additional $28.7 million gap mortgage.

DTH completed the conversion of the historic 724,300-square-foot tower, formerly called the City Bank-Farmers Trust Building, to luxury rental apartments in 2014. The landmarked Art Deco building, constructed in 1931, now holds 766 apartments and 118,000 square feet of retail.

The average rent for an apartment at the building, including studios and one-to-three-bedrooms, is $3,292 per month, according to StreetEasy.