Wachovia engineers $153m refi for Durst.

A major $153mm lending transaction involving the permanent credit enhancement by Fannie Mae of New York State "HFA" bonds was recently announced by Alan Wiener, managing director of Wachovia Multifamily Capital in New York.

The subject property, The Helena, is located at 601 West 57th Street in the Midtown West section of Manhattan.

Fannie Mae will cover $143 million in tax-exempt NYS Housing Finance Agency bonds, plus an additional $10 million conventional taxable tail.

The Helena is a 597-unit residential high-rise, originally developed by the Durst Organization in 2005. The property features almost 11,000 s/f of grade-level retail space, a full-service health club, as well as a 100-space indoor parking garage. A significant portion of the retail space has already been leased to a multinational bank.

The Helena was also built as a 'Green Building' and was designed to have a minimal amount of impact on the outside environment. Each apartment was constructed using recycled building materials up to the Silver Standard.

Technical 'green building' features include a 'black water' treatment plant (to recondition waste water); while electricity is produced onsite using micro-turbine co-generation. Interior lighting is also controlled via photo sensors that automatically turn switches off and on for the apartment residents.

This past July, The Helena received a major award in the Green Building Design Competition sponsored by the NYC DEP and the federal EPA, for "excellence in the use of good design principals and the integration of environmental technologies".

"It is an honor for the Durst family to be recognized by the EPA for our achievements in developing a successful green residential tower," said Helena Durst, assistant vice president at the Durst Organization, upon receiving the award citation.

The Durst Organization is one of New York's oldest and largest privately-owned real estate firms. Founded in 1915, Durst is also widely recognized as a leading owner, manager and developer of premium office space, currently owning and operating more than 6.5 million square feet of commercial real estate.

In May, APF joined forces with Wachovia to form Wachovia Multifamily Capital, Inc. The resulting entity is the largest direct multifamily lender in the Northeast; and a nationwide Fannie Mae DUS lender with offices in New York, Dallas, Tampa, Seattle and Bethesda.