SBO arranges $37m loan for Manhattan development.Richard Bassuk, President of The Singer and Bassuk Organization, a mortgage brokerage and real estate advisory firm serving a select group 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 City's most prominent developers and investors, announced the closing of a $37.4 million bridge loan for 325 Fifth Avenue, a 250-unit, 390,000 sq. ft. residential condominium project to be built on Fifth Avenue between 32nd and 33rd Streets. HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) Bank provided the $37.4 million bridge loan to facilitate the acquisition and start of development of the $190 million project. Mr. Bassuk stated, "The substantial interest shown by HSBC is testimony to the project and its owners, a joint venture between Continental Properties, owned by the Fisch family, and Jeffrey Levine's Douglaston Development. The developers believe the project will change the face of this midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town area." Mr. Levine said, "SBO SBO specified bovine offal. has been our financial advisor for the project. Mr. Bassuk was instrumental in obtaining the bridge loan we required to acquire the property and related development rights on highly advantageous terms." In addition, Mr. Bassuk has obtained a $130 million construction loan and a $42 million mezzanine loan A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). for the project. Steven Fisch added, "SBO provides the most comprehensive advice regarding project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. I have found available in the industry with attention to detail and special expertise in coordinating the financing of a project with its development and construction requirements." The 325 Fifth Avenue bridge loan transaction is the latest bridge loan financing arranged recently for SBO clients. Recent SBO bridge loans have totaled over $250 million and have been utilized in seven separate financing transactions. |
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