Tribeca Development Wins $120M in Liberty Bond Financing

NEW YORK CITY-A Tribeca site under a 99-year lease received Liberty Bond and other financing in the amount of $120 million. The 386,000-sf site at 88 Leonard St. will be redeveloped by Boymelgreen Developers and Africa Israel Investments into 352 apartments as well as retail and office space and parking. Edison Properties owns the site.

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.