ARCS puts NY loan on a 30-day fast track.Steven Heller, senior vice president of the Eastern region of ARCS Commercial Mortgage Co., L.P., announced that ARCS has closed its first auction rate bond transaction in just 30 days, providing $82.5 million in financing for the Washington Street Apartments, a 27-story (plus basement) building in Manhattan's financial district at 90 Washington St. The property includes 398 class A residential units, 1,500 s/f of commercial space and an adjacent 1,800 s/f courtyard. The building is owned by The Moinian Group, one of downtown Manhattan's largest private landlords. Originally built in 1969 and occupied by the Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , the property was completely renovated and converted to residential use in 2003 to include a host of amenities: a fitness center, a private lounge with outdoor golf putting green and driving nets, landscaped rooftop terrace, 24-hour concierge service, on-site valet service and 28 laundry rooms. Many of the units have spectacular city and river panoramic views as well. This financing provided 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 of $74.8 million in tax-exempt Liberty Bonds and a $7.7 million subordinate loan for a total of $82.5 million. The loan will have a 30-year term. "We are intent on making lower Manhattan a better place to live and ARCS Commercial Mortgage has helped us make that possible," said Joseph Moinian, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of The Moinian Group. The Liberty Bond Program was introduced to support the lower Manhattan rebuilding effort after 9/11. It was a cooperative effort between the New York Liberty The New York Liberty is a Women's National Basketball Association (WNBA) team based in New York City. They are one of the eight original WNBA teams that began to see action in 1997, as well one of the most successful teams in WNBA history. Development Corporation, the 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. Industrial Development Agency, 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. and HDC (Hard Disk Controller) See disk controller. HDC - Disk Controller to provide low cost, tax-exempt bond financing for the renovation or construction of commercial and residential properties in the newly defined Liberty Zone downtown. The loan was originated by ARCS' Princeton office and was referred to ARCS by Richard Bassuk, of The Singer & Bassuk Organization. "We found they provided exceptional financial expertise and creativity," said Steven Heller, of ARCS' Princeton office. The initial rate on the auction rate bond was 1.72% and the fixed rate on the subordinate taxable tail was 4.615%. |
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