The Warren Street Condominium encompasses an entire city block adjacent to Battery Park City. The financing includes a $320-million construction loan facility for creation of a 228-unit condominium tower. It also contains an $82-million loan facility for the construction of a 155,000-sf commercial project including a 400-unit garage. Also part of the package is a $50-million letter of credit enhanced bond financing, supporting the construction of a "50/30/20" residential rental building consisting of 163 units for low, moderate and market-rate units.

Minskoff's plan for the L-shaped lot is a city-sanctioned project awarded to the developer through a New York City Economic Development Corp. RFP designation back in 2001. The project, originally expected to be completed in 2004, has gone through a number of incarnations since that time. The 90,565-sf lot is bound by Greenwich, Murray, and Warren Streets on the urban-renewal site known as Site 5B. In addition to the residential units, the project is now scheduled to include retail space for a planned Whole Foods supermarket and Barnes & Noble.

Bank of America was administrative agent and sole lead arranger. JP Morgan Chase Bank and Landesbank Hessen-Thringen were the other lenders participating in the financing at initial closing. Mezzanine financing was provided by an affiliate of BlackRock. Law firm Morrison & Foerster LLP represented BofA. The letters of credit issued by the banks in connection with the residential rental building back a Fannie Mae credit facility, which in turn secured bonds issued by the NYSHDC.