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Moinian Group Receives $92M Construction Loan for Athletic Club Conversion

NEW YORK CITY-A $92-million construction loan closes for the conversion of the former Downtown Athletic Club site into residential apartments. The 35-story tower is being renovated by Moinian Group into 289 apartments.

By Barbara Jarvie | Updated on May 23, 2005

NEW YORK CITY-The former home of the Heisman Trophy–the Downtown Athletic Club at 18 West St.–will be now known as 20 West St. and converted into a 289-unit residential apartment complex. Developer the Moinian Group has received a $92-million construction loan to convert the Art Deco property from a 265,000-sf commercial office site.

A portion of the proceeds from the transaction was used to repay a $22.5-million bridge loan provided by KeyBank National Associations, according to Richard Bassuk, president of the Singer and Bassuk Organization, which arranged both transactions. Specifics including pricing and availability, whether or not they will be rentals or condos are not available because Moinian does not have the proper authorization from the state attorney general yet, according to an SBO spokesperson. James O’Reilly and Evelyn Savino worked on the transaction with Bassuk.

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