APF's $120M Victory loan.American Property Financing announces the successful closing of a $120 million loan package to refinance The Victory, a mixed-income multifamily housing project in Manhattan. In making the announcement, APF APF, n the abbreviation for acidulated phosphate fluoride. Chairman Alan Wiener reiterated that "this project is further proof of our on-going commitment to providing low-income housing for the nation's major urban centers." Originally completed in 2002, The Victory is a 45-story building with 417 residential rental units, located at 501 West 41st Street, in 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. . One hundred units have been set aside for low-income residents; and The Victory is currently 100% occupied. The total 80/20 finance package originated by APF consists of $114.5 million in tax-exempt floating rate bonds with another $5.5 million in taxable bonds. The issuing agency for these bonds is The New York State Housing Finance Agency The New York State Housing Finance Agency (HFA) was created in 1960 as a public benefit corporation for the purpose of providing safe and sanitary housing accommodations at rental rates affordable to persons and families of low income. ("HFA HFA Harvard Film Archive (Harvard University) HFA Harry Fox Agency, Inc. HFA Housing Finance Agency (District of Columbia government) HFA Hyogo Framework for Action HFA High-Functioning Autism "). The variable interest rates on these credit-enhanced bonds is also being "hedged" via a swap credit enhanced by Freddie Mac, which is also credit enhancing the bonds. Ground level retail is already 100% leased; and consists of a Subway sandwich store; a dry cleaners; and a CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. drug store. In addition, The Victory boasts a sublevel indoor parking garage for seventy-one vehicles. APF's client is Hal Fetner of Sidney Fetner Associates, who is the developer and manager of this property. The equity investor is SunAmerica Housing Fund West 41st Street, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (an affiliate of SunAmerica/AIG). Mr. Fetner has previously worked with APF on numerous multifamily financing transactions; and he has another new project in the pipeline, which it expects to close early in 2005. |
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