$217m Liberty Bond deal closed for Rockrose conversion.

American Property Financing announced the successful closing of a record $217 million bond credit transaction for Two Gold Street in the Financial District.

The transaction represents "the largest single-asset bond transaction in the history of APF and the New York City Housing Development Corporation," according to Alan Wiener, chairman of APF.

Two Gold Street is a 51-story rental apartment residence with 650 units plus a 98-car indoor parking garage and 9,100 s/f of grade-level retail space. Major building improvements were completed in early 2005 and initial apartment occupancy began in March of that year.

APF has replaced the short-term construction letter of credit with a long-term Fannie Mac credit enhancement facility in the amount of $217 million; which is comprised of $162 million in New York City HDC tax-exempt Liberty Bonds plus $55 million in taxable bonds.

APF's client borrower in this transaction is 2 Gold L.L.C., an affiliate of Rockrose Development Corp. which demolished the original building, which included a mix of office and commercial space.

The Liberty Bond program is a low-cost, tax-exempt bond financing program created by the city and state of New York, in the wake of 9/11. The purpose of the initiative is to promote the rebuilding efforts in lower Manhattan and return vitality to the neighborhood which was present before the 9/11 attack on the Twin Towers.

APF is a nationwide full-service commercial property lender, head quartered in New York and with seven regional offices across the U.S. Presently, APF maintains a loan-servicing portfolio of approximately $9 billion in assets.

The building features 650, studio, one-, two- and three-bedroom units, 9,100 sf of retail space and a 98-car parking garage. Rockrose tore down the original structure at the site which included a mix of office and commercial space. Major building improvements were completed in early 2005 and initial apartment occupancy began last March.