'Green' building gets $101M in financing. (Residential).Fleet Real Estate Finance Group, a unit of Fleet National Bank, announced it has arranged $101.1 million in financing for Albanese Development Corporation and Northwestern Mutual Life Insurance Company for the construction of 20 River Terrace, America's first environmentally responsible residential tower, a rental complex located in lower Manhattan's Battery Park City. Fleet is the lead source of financing for the project. Co-lenders include Westdeutsche Immobilien Bank, Hamburgische Landesbank, HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) , Roslyn Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. , and Apple Bank. The financing represents the first use of Liberty Bonds for new construction in lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North . The Liberty Bonds Program is an $8 billion tax-exempt private activity bond program created for rebuilding portions of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. affected by the Sept. 11 attacks. The 27-story building, designed by Cesar Pelli and Associates and constructed by Turner Construction Turner Construction Company is one of the largest construction management companies in the United States with a construction volume of $8.5 billion in 2006. According to Engineering News-Record Corporation, will feature 293 studio, one-, two- and three-bedroom distinctive rental units with 15 (5%) reserved for moderate-income housing as required by the Liberty Bond Program. Construction for the project is currently underway with the first units expected to be ready for occupancy by summer 2003. The project carries a total development cost of $124.8 million. "Fleet is proud to work with the State to bring Liberty Bonds funding to this exceptional development in lower Manhattan," said Bill McCahill, executive vice president, real estate finance group at Fleet. "The Liberty Bond Program will play a critical role going forward as our city begins the redevelopment of those areas affected by the attacks on Sept. 11." "The financing provided by Fleet and the co-lenders will allow one of the most important real estate projects in the country to go forward," said Christopher V. Albanese, executive vice president of Albanese Development Corporation. |
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