West End Towers contains 1,000 units on the Upper West Side of Manhattan; 20% of the units are set aside as affordable housing. The loan for the multifamily high rise uses $135 million in tax exempt New York City Housing Development Corp. bonds in combination with a $35-million second mortgage. The refinancing amortizes on a 30-year schedule. According to a spokesman at APF, the use of tax-exempt bonds is common for properties that include an affordable housing component.

The property was developed by the Brodsky Organization of Manhattan between 1994 and 1995, 10 years after the company acquired the land. Brodcom West Development Corp. is a general partnership sponsored by the Brodsky Organization. The five-building complex has 39 floors and offers a garage, on-site superintendent, health club, doorman, bicycle room and a pool in its amenity package.

APF is one of 24 approved Fannie Mae DUS lenders, or Special Affordable Housing lenders. The deal "clearly demonstrates both APF's and Fannie Mae's ongoing commitment to support affordable housing," says APF chairman Alan Wiener.

The agreement also marks a milestone in Fannie Mae's history: it is the largest DUS loan since the program began in 1987, according to a statement from Ken Bacon, senior vice president of multifamily for Fannie Mae. "Projects like this serve to increase the stock of affordable housing in high costs areas such as New York," Bacon concludes.