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$680M Loan Closes for Downtown Tower Build

NEW YORK CITY-Liberty Bond and taxable bond proceeds will be used for the new construction of a 904-unit apartment tower located at 60 Beekman St. here.

By Natalie Dolce | Updated on March 31, 2008

( The state of Downtown as a whole, will be spotlighted on May 13 at RealShare Downtown New York. )

[IMGCAP(1)]NEW YORK CITY-The New York City Housing Development Corp. closed a $680 million construction loan with an affiliate of Forest City Ratner. The project will use Liberty Bond and taxable bond proceeds for the new construction of a 904-unit apartment tower in Lower Manhattan located at 60 Beekman St.

The Liberty Bond issuance represents the last of HDC’s allocation. The New York State Housing Finance Agency also contributed $13.9 million from its Liberty Bond allocation to make this exciting development possible. “Beekman Tower is among HDC’s most notable financings to date” according to Marc Jahr, president of the HDC. “I’m confident that this striking Frank Gehry designed building will provide a powerful impetus to the continuing transformation of Lower Manhattan into a vibrant live-work neighborhood.”

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