Search
 

$80M Financing Generates Competition

NEW YORK CITY-The lenders lined up to be able to provide the permanent financing for the 34-story Chelsea Tower. An affiliate of AIG came out on top.

By Barbara Jarvie | Updated on May 09, 2004

NEW YORK CITY-Chelsea Tower, a 228-unit luxury apartment building also known as 100 West 26th St., had them lining up to provide permament financing in the amount of $80 million. Industry veteran Richard Bassuk, president of the Singer & Bassuk Organization, thought the best way to get the preferred deal for his clients was to have those lenders compete in advance. The winner was an affiliate of AIG.

“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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.