The Singer and Bassuk Organization arranged the permanent financing which repaid Liberty Bonds issued by HDC to finance construction of the project. The permanent financing utilized auction rate tax-exempt bonds issued by HDC under its Liberty Bond Program with such bonds credit enhanced by ARCS under Fannie Mae's permanent credit enhancement financing program, explains SBO president Richard Bassuk. "The use of auction rate low floater bonds, rather than the more traditional variable rate low floater bonds, enabled the Borrower to achieve greater proceeds at a lower interest rate." He notes that this is only the third time auction rate bonds have been used to provide permanent financing for large multifamily projects.

SBO's James O'Reilly and Evelyn Savino worked with Bassuk on the transaction. Bassuk acted as financial advisor to Moinian from the inception of the project, including arranging a bridge loan and construction loan, through all the negotiations and processing with HDC and ARCS for the permanent loan.