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NEW YORK CITY-The Moinian Group, developer of the Marc, a 452,000-sf 393-unit apartment complex, close on $155 million in permanent credit enhancement and mezzanine financing for the site. Proceeds were used to repay a $135-million construction loan for the residence at 260 West 54th St.

Richard Bassuk, president of the Singer and Bassuk Organization, secured the financing package and had placed the one being repaid. James O'Reilly and Evelyn Savino worked with Bassuk, who says the newest financing involved three separate tranches. "Analyzing the permanent financing alternatives, we advised the borrower to retain $89.5 million of tax-exempt bonds, to redeem the project's outstanding taxable bonds and to provide in their place a structured Fannie Mae variable rate financing in the amount of $55.5 million."