BROOKLYN, NY-The Singer and Bassuk Organization arranged a $460-million construction loan for the Edge. The project, which is being developed by Jeffrey Levine of Douglaston Development and Dillon Read Capital Management, is being built along the East River in Williamsburg.

SBO set up the financing with Hypo Real Estate Capital Corp. The $460 million will fund a majority of the $612 million project, which is set to contain 557 condominium units, and 347 affordable rental units. "This site and this project is going to be a catalyst in the whole will Brooklyn waterfront," Richard Bassuk, president of SBO, tells GlobeSt.com. "You have the condominium units and the rental units in probably the best site in Brooklyn and located near the subway – which is key." It will also house 61,500 sf of retail, 550 parking spots and a waterfront path.

"In arranging the financing, we created keen competition between various lenders for the right to provide the multifaceted financing for the project," Bassuk says. "The substantial interest shown by the lending community is a testimony to the developers and their vision for this project and the Williamsburg community."

SBO also helped secure a $110-mezzanine loan, which was provided by JP Morgan Asset Management Corp., and a $30-million loan from the New York City Housing Development Corp.

"SBO acted as our financial advisor from the beginning of the project and provided insights and assistance in both financing and other project areas," Levine says in a statement. "SBO obtained extremely attractive offers from various lenders regarding structure, proceeds and pricing. Hypo was a pleasure to deal with, and their team met all of our requirements in a highly professional and cooperative manner."

The Edge, which is currently under construction and expected to complete in the next two years, is located in a growing part of Williamsburg, according to Bassuk. The projects close proximity to the L train as well as a bustling nightlife is drawing tenants and developers; there is another substantial residential project going up near the Edge. "I think it is really going to be a happening place," Bassuk tells GlobeSt.com.