"Not only were lenders willing to commit, but there was spirited competition and the lenders were pleased to participate," Bassuk tells GlobeSt.com.
The $60.5 million first mortgage, which has an interest rate of under 4.6%, was funded by JP Morgan Chase with negotiations led by Steven Schwartz and Brian Baker, together with Patrick Ciriello, Daniel Rood, and Michael Mesard. Evelyn Savino worked closely with Bassuk on the transaction.
According to Bassuk, the interest shown by many financial institutions in the transaction was a testimony to the project and to Joseph Moinian, the managing member of the property's ownership group which also includes Jeffrey Gural and other key executives of Newmark & Company Real Estate Inc.
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