The project, which will include a 20% affordable-housing component and 80% market-rate units, is located on a full block-front along Eighth Avenue between 53rd and 54th streets. It will feature an 80,000-sf garage and 9,357 sf of retail space. The interest rates at closing for HFA's tax-exempt and taxable seven day low floater bonds were 1.65% and 1.85%, respectively.
"Financing 80/20 projects is highly labor intensive and takes specialized knowledge," says SBO president Richard Bassuk. "To make the HFA and credit enhancement process as easy as possible for our 80/20 clients, we act as the client's financial department providing all analyses and processing required by HFA for the projects, and for arranging the required credit enhancement."
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