$70m loan closed for 63 Wall Street.

Richard Bassuk, president of The Singer and Bassuk Organization (SBO), announced the closing of a $70 million bridge loan for 63 Wall Street, a 410,000 SF commercial office building being converted to 476 residential rental apartments.

The 36-story neo-classical office tower was formerly the headquarters of Brown Brothers Harriman & Co., the nation's oldest and largest private commercial bank.

Corus Bank of Chicago provided $70 million for the acquisition and start of the $60 million conversion program. Mr. Bassuk said, "The substantial interest shown by Corus is a testimony to the project and to Nathan Berman, the developer of the project, and is another step forward in the revitalization of downtown New York City following the events of September 11."

Mr. Berman said, "SBO has been our financial advisor for the project and has been working to arrange Liberty Bond financing under the sponsorship of the New York City Housing Development Corp." Mr. Berman added, "SBO provides the most comprehensive advice regarding project financing I have found available in the industry with particular expertise in coordinating the financing of a project with its development and construction requirements."

The 63 Wall Street bridge loan transaction is the latest in a series of transactions involving financing downtown residential and office buildings for SBO's clients. In this regard, Mr. Bassuk said that SBO had recently completed the first Liberty Bond transaction financed by the New York City Housing Development Corp. for 90 Washington Street in the amount of $82 million, as well as the $60.5 million refinancing of 17 Battery, both completed within the last 60 days.