(To read more on the multifamily market, click here.)
NEW YORK CITY-The Setai Group and Zamir Equities received a $167.2-million construction and mezzanine loan for the conversion of 40 Broad St. from office space to residential condominiums. The Singer & Bassuk Organization arranged the financing.
A group headed by Anglo Irish Bank Corp. provided a $140.1-million construction loan. Massachusetts Mutual Life Insurance Co. supplied a $27.1-million mezzanine loan.
"We arranged the financing in a tightening market by stressing the concept of condominium branding and super luxury in the Financial District," says Richard Bassuk, in a statement. "Both Anglo Irish Bank and MassMutual provided financing, which is a testimony to the developers and their vision for the project and the future of this branding."
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