Greystone Bassuk Sets Record

By Eliza Theiss, Associate Editor

Greystone Bassuk has arranged a $200 million construction-to-perm financing facility in New York, setting the record for largest construction financing structured entirely as a private placement under The New York State Housing Finance Agency’s (“HFA”) 80/20 Housing Program. The $200 million loan facility is also the first private placement execution with multiple bond purchasers.

The $200 million loan facility is led by Wells Fargo Bank, N.A., with M&T Bank and J.P. Morgan Chase as co-lenders. It consists of $10 million of 2015 Series A low floater tax-exempt bonds, $60 million of 2015 Series B taxable bonds, $55.5 million of 2016 Series A low-floater tax-exempt bonds and $74.5 million of 2016 Series B low-floater taxable bonds providing funds for the construction 525 West 52^nd Street. Real estate finance intermediary and advisory firm Greystone Bassuk secured the $200 million loan facility on behalf of an affiliate of Taconic Investment Partners and Mitsui Fudosan Americas for their 525 West 52^nd Street project in New York City.

Located in Manhattan’s Midtown West neighborhood, the development will consist of two luxury residential towers of 14 and 22 stories over a single-story base. Totaling 445,000 square feet, the project will comprise 392 apartments, of which 312 will be market rate. 80 apartments will be designated affordable housing units, which will target households earning 60 percent or less of New York City’s area median income.

Image credits: Taconic Investment Partners