The Singer and Bassuk Organization arranged the financing. Richard Bassuk, president of SBO, tells GlobeSt.com that the transaction is the first of its kind with Liberty Bond funding on a leased property. "It was more complicated." James O'Reilly and Evelyn Savino worked with Bassuk on the transaction.

SBO arranged the construction leasehold financing including financing provided by low-floater tax-exempt and taxable bonds issued by the New York State Housing Finance Agency under its Liberty Bond Program, together with credit enhancement in the form of a $120-million Letter of Credit for the HFA bonds provided by Eurohypo AG, New York Branch. The residence is expected to be completed in 2006.

Shaya Boymelgreen, president of Boymelgreen Developers, says SBO "helped us navigate the Liberty Bond Program in a highly efficient manner coordinating all negotiations between HFA and Eurohypo." The completion of the financing for the 88 Leonard St. project is just the latest SBO has worked on under the 80/20 and Liberty Bond Programs. Other recently completed transactions include the $104 million financing for Chelsea 27th Apartments under New York State's 80/20 residential program, the $145.2-million construction loan for 63 Wall St. under the Liberty Bond Program with the New York City Housing Development Corp., and the $82.9-million construction loan for 90 Washington St. under the Liberty Bond Program, also with HDC.