APF engineers new $177m Fannie Mae DUS loan.

American Property Financing (APF) announced the closing of a $176.8 million Fannie Mac DUS loan for the construction of 125 West 31st Street in New York.

This major transaction, engineered by APF, will take the form of a Fannie Mac bond credit enhancement.

It is anticipated that the actual bond financing will be executed via 100% tax-exempt auction-rate notes.

Upon completion, the project now known as 125 West 31st Street will be sub-divided into five condominium units: a Friary residence facility; corporate headquarters for the American Cancer Society (including the Hope Lodge, a 60-suite cancer care center); the residential multifamily tower; ground-level retail space; and an indoor parking garage.

The residential portion of the 58-story tower will contain (458) rental apartment units(studio; one and two-bedroom units) all with dramatic, unobstructed city views; since all apt. units will be on or above the 14th floor.

80% of the available units will be set at market rate rentals, while the remaining 20% (92 units) will be set-aside for low-income tenants (defined as having less than 50% of the area median income). It is believed that the residential units will be marketed to people who currently work in nearby NYC areas.

In addition to indoor parking, planned residential amenities will include valet parking; a Club Room; an indoor basketball court; fully equipped health club; two roof-top terraces; bike storage and an on-site filtered water system.

The ultimate building design goal is to qualify for a LEED 'Silver' standard with full compliance for interior thermal comfort; daylight dimming of all light fixtures; Energy Star kitchen/ laundry appliances; storm water collection; green roofs with patio vegetation; low flow plumbing fixtures; and heavy usage of recycled building materials.

The entire project represents a unique collaboration between an order of Franciscan Friars that runs the Church of St. Francis of Assisi on West 31st Street; and two major NYC real estate developers. Under the plan, The Durst Organization and Sidney Fetner Associates, will build a 58-story tower, set alongside the 160 year-old Church and adjoining Friary residence. Upon completion, SFA Properties will also manage this residential property.