The Bassuk Organization Closes on $210M Financing for Carlisle’s NYC 80-20 Project
- Jan 21, 2014
New York–Richard Bassuk, president of The Bassuk Organization Inc., and co-chairman and CEO of Greystone Bassuk Group, announced today the closing of a $210,000,000 credit enhancement from Helaba Landesbank Hessen-Thüringen and PNC Bank, National Association under The New York State Housing Finance Agency 80/20 Program for an affiliate of J.D. Carlisle Development Corp. The financing was structured with $111,445,000 of Series A low floater tax-exempt bonds and $30,000,000 of Series B taxable bonds issued by HFA in 2013, with the remaining $68,555,000 of tax-exempt bonds to be issued in 2014.
Proceeds from the bonds will be used to finance construction of Carlisle’s 319-unit 80/20 residential project known as 160 Madison Avenue. The project is located on Madison Avenue between 32nd and 33rd Streets, and contains approximately 29,100 sq. ft. of retail space.Eighty percent of the residential units, or 265 units, will be market rate apartments. The remaining 20 percent of the residential units, or 64 units, will be designated affordable housing units with 52 units rented to tenants whose household incomes are at or below 50 percent of the New York City Area Median Income, and 12 units rented to tenants whose household incomes are at or below 40 percent of AMI.
“Mr. Bassuk acted as financial advisor and ably assisted us in the analysis of all aspects of the 80/20 Program and processing with HFA,” stated Jules Demchick, Chairman of Carlisle, a leading developer in New York City.
“We are delighted with the results achieved and look forward to working with Mr. Bassuk and his team again,” stated Evan Stein, the President of M.D. Carlisle Construction Corp., the construction manager for the project, and a principal of the developer.
“Financing 80/20 projects is highly labor intensive and takes specialized knowledge. Demand and opportunity for these developments in New York City continues to grow because of additional benefits, including the 20-year real estate tax abatement available under this program. To provide the necessary services, we have in-house specialists fully experienced with such complex projects,” said Bassuk. He stated that, “TBO acts as the developer’s Owner Representative for the entire 80/20 process and provides owners/developers with the highest level of service available in the industry.” Evelyn Savino worked with Richard Bassuk to close the transaction.
NorthMarq’s Omaha office closes Freddie Mac refinancings totaling $34.1M
Omaha, Neb.‑NorthMarq Capital’s Omaha regional office arranged two refinancings totaling $34.1 million for Harrison Hills Apartments and Forest Ridge Apartments.
– Harrison Hills Apartments, a 484-unit property located at 6925 South 115th Street Plaza, LaVista, Neb. was financed with a 10-year term and 30-year amortization schedule. John Bendon, senior vice president/managing director and Jason Kinnison, vice president of NorthMarq’s Omaha regional office arranged the $29.5 million financing for the borrower, Harrison Hills Apartments LLC. , through NorthMarq’s seller/servicer relationship with Freddie Mac
– Forest Ridge is a 168-unit apartment property located at 1220 Sierra Drive NE, Cedar Rapids, Iowa. Financing for the $5,600,000 transaction was based on a 10-year term and 30-year amortization schedule. Kinnison arranged financing for the borrower, Forest Ridge 1, LLC, through NorthMarq’s seller/servicer relationship with Freddie Mac.