S&B seals $203m loan for 24th St. condo development.

Richard Bassuk, president of The Singer and Bassuk Organization, announced the closing of a $203.6 million construction loan for 101 West 24th Street, a 204-unit, 323,100 s/f residential condominium project to be built on Avenue of the Americas between 24th and 25th Streets.

SBO arranged the construction financing for a joint venture consisting of L C O R Residential LLC and a major West Coast pension fund. Helaba Bank is providing construction financing in the amount of $203.6 million. This is the second construction loan SBO has arranged for LCOR Residential in the past 30 days.

Bassuk also arranged a $159.4 million construction loan for LCOR's development, The Charleston located at 225 East 34th Street, a 191-unit, 251,600 s/f residential condominium project to be built on 34th Street between Second and Third Avenues.

"Similar to the construction financing we recently arranged for The Charleston, LCOR's 34th Street luxury condominium project, we were once again able to create keen competition between various lenders for the right to provide the financing for this project," said Mr. Bassuk. "The substantial interest shown by the lending community is a testimonial to the developers and their vision for the project and the community."

Kurt Eichler, executive vice president of LCOR, said "SBO was our financial advisor from the beginning of the project and provided us with insight and assistance in the project's financing, as well as in other project areas.

"SBO was able to obtain extremely attractive offers from various lenders regarding structure, proceeds and pricing. Helaba is a highly professional lender and has been very cooperative in their dealings with us. We hope to work with them on future transactions."