"This approach enabled us to get terrific terms for our clients," Bassuk tells GlobeSt.com, adding that he fully expects to use this approach again. "It's absolutely in the client's best interest."

SBO arranged the permanent financing for S&P/DM 26 Development LLC, a company composed of members of the Steinberg & Pokoik families and the DeMatteis Organizations. SBO had also arranged a $64.4-million construction loan for Chelsea Tower, which also contains approximately 16,000 sf of retail space and a parking garage.

Bassuk notes that in arranging the financing, "we initially created strong competition between Fannie Mae DUS lenders and Freddie Mac seller/servicers for the right to represent the owners with Fannie Mae and Freddie Mac to provide permanent financing for the project." Then after Fannie and Freddie representatives were selected, Fannie, Freddie and various securitized and portfolio lenders actively competed for the right to provide the permanent financing, he says.