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BLDG Gets $254M Construction Funding

NEW YORK CITY—Provided by the Bank of China through its local branch, the financing will support the construction of a multifamily rental and retail building in Midtown East.

By Rayna Katz | Updated on July 17, 2015

NEW YORK CITY—BLDG Management Co. has secured a $254 million construction-to-perm financing facility from the Bank of China, New York branch, for the construction of 222 E. 44th St. Arranged by Greystone Bassuk, the funds will prompt the building of a multifamily rental and retail building in Midtown East.

Greystone’s Drew Fletcher, EVP, led the marketing of the transaction, with support from Matthew Klauer, director and VP Evelyn Savino. The facility was structured as a letter of credit providing credit enhancement to support tax-exempt and taxable variable-rate bonds issued under the NYS Housing Finance Agency‘s 80/20 Housing Program. The financing consists of $26 million of 2015 Series A tax-exempt bonds; $23 million of 2016 Series A tax-exempt bonds; $125 million of 2016 Series B taxable bonds and nearly $77 million of 2017 Series A taxable bonds.

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