SBO inks $92m deal for Moinian conversion.Richard Bassuk, President of The Singer and Bassuk Organization announced the closing of a $92 million construction loan for 20 West Street, a 265,000 s/f commercial office building being converted to 289 luxury residential apartments. A portion of the proceeds from this transaction was used to repay a $22.5 million bridge loan provided by KeyBank National Association, which SBO SBO specified bovine offal. had previously arranged for the project. The well-known 35-story office tower at 18 West Street--also known as The Heisman Trophy Heisman Trophy Annual award given to the outstanding college gridiron football player in the U.S. The trophy was instituted in 1935 by New York City's Downtown Athletic Club and was officially named the following year for the club's first athletic director, the player-coach Building, and now re-named 20 West Street--was formerly the home of the Downtown Athletic Club The Downtown Athletic Club was an athletic club in a 35-story building located at 19 West Street in Lower Manhattan, New York City, USA. It was founded in 1926. By 1927, it had purchased this site next to the Hudson River to construct its own building. . SBO arranged the construction financing with KeyBank National Association for an affiliate of The Moinian Group. Mr. Bassuk said, "KeyBank's willingness to finance the project is a testimony to Joseph Moinian, the developer of the project, and his creative approach to retrofitting existing projects to more profitable uses, and is an important step forward in the continuing revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. of downtown 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. following the events of September 11th." Mr. Moinian said, "Mr. Bassuk acted as our financial advisor for the project and we are extremely pleased with his expertise and professionalism in arranging both a bridge loan and construction loan for the project." He added, "SBO provided us with 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 particular expertise in coordinating the financing of the project with its development and construction requirements, and with unmatched hands-on attention to all relevant details. "We are very pleased with the results achieved and have hired SBO to work with us on several other new projects." |
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