SBO arranges $305M financing for Moinian project.The Singer and Bassuk Organization has arranged a $305 million construction and mezzanine loan for 123 Washington Street, a 400,000 s/f mixed-use project being developed by The Moinian Group adjacent to the World Trade Center site. Richard Bassuk, president of the mortgage brokerage and real estate advisory firm, made the announcement The 55-story, mixed-use project will contain a 217-room, full-service luxury W Hotel at its base, 64 for sale furnished apartments and 159 luxury condominium units on the upper floors. SBO SBO specified bovine offal. arranged the construction and mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the with Credit Suisse, PB Capital Corporation and the Union Labor Life Insurance Company The Union Labor Life Insurance Company (ULLICO) is a privately held life and health insurance company in the United States. ULLICO was founded in 1925 by the American Federation of Labor (AFL), which wanted to offer working people affordable health and life insurance. (ULLICO ULLICO Union Labor Life Insurance Company ) for an affiliate of The Moinian Group. "This was an extremely complex transaction, given the nature of the development, location and timing of construction, as well as the parallel negotiations necessary to secure such a prominent flag for the hotel component," Bassuk said. "Both Credit Suisse, PB Capital and ULLICO met all of the borrower's requirements in a timely, professional and cooperative manner." In addition to the construction and mezzanine financing, Bassuk previously secured the final $50 million in commercial Liberty Bond financing for the development, which will rise on the south side of the soon to be deconstructed Deutsche Bank building
"Once again, Mr. Bassuk acted as our financial advisor and his experience, professionalism and expertise in arranging both the construction loan and mezzanine loan for one of the most complex projects I have ever done is unparalleled," 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. |
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