APF funds $114m mixed-use property.American Property Financing (APF APF, n the abbreviation for acidulated phosphate fluoride. ) recently announced the completion of a $113.7 million Fannie Mac variable rate bond credit transaction for The Atlas 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. . The property is located on Avenue of the Americas at the corner of West 38th Street, in the midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town south section of Manhattan. The Atlas is a 42-story mixed-use facility consisting of a residential tower that rises over a four-story commercial base. The residential portion consists of (374) rental apartments with 20% of the total units targeted to the affordable housing sector. The commercial base contains street-level retail space as well as 42,500 square feet of prime office space located on the second, third and fourth levels. The Atlas began initial construction during 2001 and rent-up began in mid2002. The first units were occupied by residents in July of 2002; and the apartment units were fully leased by February of 2003 ... a positive absorption rate of 37 market units monthly. The Sponsor of this transaction is The Gotham Organization of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Gotham is also the Sponsor of three prior APF bond credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing transactions: the Key West, ($37mm) which closed 10/98; the New Gotham ($56mm) closed 3/99 and The Foundry ($60mm) which closed in August 2000. |
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