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NEW YORK CITY-2 Gold LLC, an affiliate of Rockrose Development, has closed on a $217-million Liberty Bond credit transaction for Two Gold St. in Lower Manhattan. The transaction replaces a $180-million in short-term construction financing.

American Property Financing and the New York City Housing Development Corp. arranged the recent transaction. APF replaced the short-term construction letter of credit with a long-term Fannie Mae credit enhancement facility. The financing is comprised of $162 million in New York City HDC tax-exempt Liberty Bonds plus $55 million in taxable bonds.

The former Fleet Real Estate Finance Group arranged the original financing to support the construction of the 51-story residential apartment building. It carried a total development cost of approximately $225 million.