$180M in Financing Arranged for 2 Gold St.

NEW YORK CITY-Another Liberty Bond project in Lower Manhattan is under way. Fleet Real Estate Finance Group, a unit of Fleet National Bank, arranged $180 million in financing to support the construction of 2 Gold St., a 51-story residential apartment building. The project, which is being developed by Rockrose Development Corp., carries a total development cost of approximately $225 million.

The apartment building will feature 650, studio, one-, two-, and three-bedroom units, 21,397 sf of retail space and a 100-car parking garage. Designed by Avinash K. Malhotra Architects, construction for the project is currently under way with the first units expected to be ready for occupancy by spring 2005. There is no affordable-housing component to this deal. According to Fleet, the developer tore down the original structure(s) at the site which included a mix of office and commercial space.

Fleet is the lead source of financing for the development and co-lenders include Wells Fargo, Helaba Bank, HSBC, Bayerische Landesbank, Euro-Hypo, HSH Nordbank and Bank Leumi.