$179M Financing Closes for Midtown Condo Project

NEW YORK CITY-Two financings–a $120-million construction loan and a $47-million mezzanine loan–close on Continental Properties and Douglaston Development’s 25-unit, 390,000-sf residential condominium at 325 Fifth Ave. The project, which is anticipated to cost in the neighborhood of $190 million, is expected to be completed some time in early 2006.

Richard Bassuk, president of the Singer and Bassuk Organization, arranged the financing with James O’Reilly. A portion of the proceeds will be applied toward a $37.4-million bridge loan provided by HSBC Bank USA which SBO previously arranged for the initiative located between 32nd and 33rd streets. HSBC provided the construction financing, while Massachusetts Mutual Life Insurance Co. provided the mezzanine loan.