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$40M Loan Funds Residential Building

NEW YORK CITY-The financing package follows a $15-million land acquisition loan for the 1 E. 35th St. property. Commerce Bank provides both financing solutions.

By Melissa Kress | Updated on October 05, 2005

NEW YORK CITY-A 91-unit residential building at 1 E. 35th St. can now move forward with a $40.35-million financing from Commerce Bank. The financing package to 35th Street Associates, LP consists of a nearly $32-million letter of credit and an $8.4-million construction loan.The letter of credit will enhance a New York State Housing Finance Agency bond, according to Commerce Bank. The money will be used for the construction of the apartment property. The loan carries a 24-month term..Commerce previously provided the developer with a $15-million land acquisition loan for the project. No additional information on the project was available at press time.Earlier this year, Commerce provided $23.6-million refinance/construction loan for a 75-unit residential condominium complex in Sheepshead Bay. The funding helped Emmons Avenue LLC repay its previous acquisition/construction loan and to complete the development of the project. Also in the metropolitan area, the Cherry Hill, NJ-based bank provided a $10.7-million construction to Fairfield Ronkonkoma LLC, an affiliate of Fairfield Properties, to develop 60 luxury rental townhomes on Ronkonkoma, Long Island.

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