NEW YORK CITY-The Singer & Bassuk Organization has landed construction funding through Liberty Bond, taxable bond and mezzanine financing totaling $256.5 million. The bonds, related credit enhancements and mezzanine facilities, were arranged for the team of Ronny Bruckner and Nathan Berman to repay existing debt and for the gut rehabilitation of the top 41 floors of 20 Exchange Pl., a landmark 57-story structure in the Financial District.

The 20 Exchange Pl. building was completed in 1929 and for many years was home to City Bank Farmers Trust Company, a predecessor to Citibank. At one time it was linked by a 9th floor bridge across Exchange Place to 55 Wall Street, headquarters of Citibank before its move to midtown Manhattan.

The 800,000 sf property, now under renovation, will be converted from the 16th to the 57th floors to 369 luxury rental apartments. The second to the 15th floors, containing 350,000 sf. of office space, shall remain commercial. The ground floor and 4 lower levels shall be converted to retail use.

The financing included a combined Liberty Bond and taxable bond issuance by The New York City Housing Development Corporation of $210 million. All of the bonds were enhanced by Helaba Bank, a German Landesbank. The total facility was structured to provide 33-year construction and permanent financing for the property.

In addition to the bond financing, a mezzanine loan and other facilities totaling $46.5 million was provided by Ameriton, a subsidiary of Archstone-Smith.

Singer and Kathleen McSharry, vice-president of The Singer & Bassuk Organization, arranged the Helaba and Ameriton financing. Richard Bassuk, president of SBO, was the borrower's Liberty Bond advisor. Herrick Feinstein, LLP and Bingham McCutchen LLP represented the borrower. Schiff Hardin, LLP represented Helaba Bank and Morgan, Lewis & Bockius, LLP represented Ameriton.