Moinian's 80/20 Project Secures $136.5M in Bond Financing

NEW YORK CITY-The Moinian Group has received $136.5 million in construction financing for its 393-unit, 80/20 residential project known as 900 Eighth Ave. The low floater, tax-exempt and taxable bonds were issued by the New York State Housing Finance Agency. Singer & Bassuk Organization arranged the credit enhancement with KeyBank N.A.

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.