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NEW YORK CITY-GlobeSt.com has exclusively learned that the Singer & Bassuk Organization closed $50 million in Commercial Liberty Bonds issued by the New York City Industrial Development Agency to fund the construction of the W New York Downtown Hotel & Residences at 123 Washington St. The 400,000-sf project being developed by the Moinian Group will rise adjacent to the World Trade Center site.
The 55-story, mixed-use project will contain a 217-room, full-service luxury W Hotel at its base, and 223 luxury condominium units on the upper floors. SBO previously arranged $305 million of construction and mezzanine loan financing with Credit Suisse, PB Capital Corp. and the Union Labor Life Insurance Co. to finance construction of the project for an affiliate of the Moinian Group. The $50 million of Commercial Liberty Bonds replaced a portion of the $305-million loan, allowing the developer to benefit from a lower financing cost both during the construction period, as well as when the hotel achieves a stabilized operating level.
Richard Bassuk, president of the Singer & Bassuk Organization, says in a prepared statement that "the structuring of the Commercial Liberty Bond financing was extremely complex and required coordinating the interests of multiple lenders. The cooperation and professionalism of IDA, Credit Suisse, PB Capital and Ullico were instrumental in the incorporation of the bond financing into the existing loan structure."
Joseph Moinian, CEO of the Moinian Group, notes that Bassuk and his team "added substantial value to our development efforts in their capacity as our financial advisor. SBO provided us with wide-ranging and in-depth advice regarding every aspect of the project's financing, from inception to closing."
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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.
