{"id":1004123561,"date":"2015-07-20T06:15:11","date_gmt":"2015-07-20T14:15:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004123561"},"modified":"2022-12-05T22:43:18","modified_gmt":"2022-12-06T06:43:18","slug":"bldg-to-build-in-manhattan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bldg-to-build-in-manhattan\/","title":{"rendered":"BLDG to Build &#8216;For All&#8217; in Manhattan"},"content":{"rendered":"<p><em>\u00a0<\/em><em>By Scott Baltic, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/07\/mixed_income-bldg.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004123567\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bldg-to-build-in-manhattan\/mixed_income-bldg\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/07\/mixed_income-bldg.jpg\" data-orig-size=\"663,1024\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1411489010&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"mixed_income bldg\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/07\/mixed_income-bldg.jpg?w=663\" class=\"alignright size-medium wp-image-1004123567\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/07\/mixed_income-bldg.jpg\" alt=\"mixed_income bldg\" width=\"194\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/07\/mixed_income-bldg.jpg 663w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/07\/mixed_income-bldg.jpg?resize=194,300 194w\" sizes=\"auto, (max-width: 194px) 100vw, 194px\" \/><\/a> <\/em><\/p>\n<p>A $254 million construction-to-permanent financing facility with Bank of China, New York Branch, on behalf of an affiliate of BLDG Management Co. Inc. has closed, it was announced Friday by Greystone Bassuk, of New York, which arranged the financing. The funding package is for the construction of a 43-story mixed-income multi-family building at 222 E. 44th St. in Manhattan.<\/p>\n<p>The project will take up a full block from 43rd Street to 44th Street and from 2nd Avenue to 3rd Avenue in what Greystone Bassuk calls an \u201cunderserved residential submarket of Midtown East.\u201d<\/p>\n<p>The 441,000-gross-square-foot building will have 429 residential units, of which 87 will be designated as affordable housing units and the remaining 342 will be leased at market rents. Ground-floor retail and a multi-level parking garage will round out the project.<\/p>\n<p>The credit facility, according to GB, was structured as a letter of credit providing credit enhancement to support tax-exempt and taxable variable-rate bonds issued under the New York State Housing Finance Agency\u2019s 80\/20 Housing Program. It comprises:<\/p>\n<ul>\n<li>$26 million of 2015 Series A tax-exempt bonds,<\/li>\n<li>$23.3 million of 2016 Series A tax-exempt bonds,<\/li>\n<li>$125 million of 2016 Series B taxable bonds, and<\/li>\n<li>$76.9 million of 2017 Series A taxable bonds.<\/li>\n<\/ul>\n<p>The marketing of the transaction was led by GB executive vp Drew Fletcher, with support from director Matthew Klauer and vice president Evelyn Savino.<\/p>\n<p>The site was previously occupied by an office building, according to Greystone Bassuk CEO Richard Bassuk.<\/p>\n<p>The apartments reportedly will feature \u201ccondominium quality\u201d finishes, and the building will offer such amenities as concierge and valet service, a penthouse roof deck and lounge, a sun deck and BBQ area, indoor swimming pool, resident lounge, golf simulator, children\u2019s playroom; fitness center with an indoor basketball court; and bike and tenant storage.<\/p>\n<p>BLDG president Lloyd Goldman noted that this is the developer\u2019s first \u201c80\/20\u201d project.<\/p>\n<p>The financing package includes several features that are not typical of 80\/20 deals, according to GB. First, Fletcher told <em>Commercial Property Executive<\/em>, it was structured as a fully underwritten commitment for the entire 10-year facility providing both construction and permanent financing in a single loan with one closing. Further, the commitment for the entire facility (structured as an initial four-year term, plus a six-year extension option) is on a fully \u201cnon-recourse\u201d basis.<\/p>\n<p>That \u201cnon-recourse\u201d aspect, Fletcher noted, was \u201chighly attractive\u201d to BLDG and also unusual, in that\u00a0 most construction lenders currently require a minimum of 15 percent to 25 percent recourse.<\/p>\n<p>In addition, he said, Bank of China fully assumed any syndication risk to the extent they should ever decide to sell down their position. Finally, the structure also included a flexible earn-out feature to allow the partners to resize the loan and return a portion of the initial equity on stabilization of the project.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BLDG Management is one step closer to developing a mixed-income multi-family building in the Big Apple.<\/p>\n","protected":false},"author":952,"featured_media":1004123567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,11,21742,10],"tags":[],"class_list":["post-1004123561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-midatlantic","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BLDG to Build &#039;For All&#039; in Manhattan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bldg-to-build-in-manhattan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BLDG to Build &#039;For All&#039; in Manhattan\" \/>\n<meta property=\"og:description\" content=\"BLDG Management is one step closer to developing a mixed-income multi-family building in the Big Apple.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bldg-to-build-in-manhattan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-20T14:15:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T06:43:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/07\/mixed_income-bldg.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"663\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bldg-to-build-in-manhattan\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bldg-to-build-in-manhattan\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"BLDG to Build &#8216;For All&#8217; 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