(Read more on the debt and equity markets.)
NEW YORK CITY-The Singer and Bassuk Organization closed a $20.5-million permanent loan for the retail and garage condominiums located at 325 Fifth Ave. The retail condominium consists of approximately 5,880 sf of grade level retail space with frontage on Fifth Avenue between East 32nd and 33rd streets, and the garage condominium consists of 29,290 sf containing 174 below-grade parking spaces. The permanent financing with Hypo Real Estate Capital Corp. for a joint venture consisting of Continental Properties, owned by the Fisch family, and Jeffrey Levine's Douglaston Development.
The company previously arranged a $178.9 million construction and mezzanine loan for a 250-unit, 397,000-sf residential condominium project located above the retail and garage space. The residential condominium was 100% sold out less than eight months after commencement of sales.
"The deal has been in the works since January," Richard Bassuk, president of Singer and Bassuk tells GlobeSt.com. "We created keen competition between various lenders for the right to provide the financing for the project in the form of a highly structured loan," he adds. "The financial market had become extremely volatile and Hypo's substantial interest in the project is a testimony to the developers, their expertise in the industry, and Hypo's creativity."
Jeffrey Levine adds that "SBO acted as our financial advisor from the beginning of the project and provided us with insights and assistance in an extremely difficult financing market," he says. "SBO provided comprehensive advice regarding the structure, proceeds and pricing for the project, and took the lead in difficult negotiations. Mr. Bassuk was able to accommodate both our needs and those of our lender."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
