(Read more on the debt and equitymarkets.)

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

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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 affordablerental units. "This site and this project is going to be a catalystin the whole will Brooklyn waterfront," Richard Bassuk, presidentof SBO, tells GlobeSt.com. "You have the condominium units and therental units in probably the best site in Brooklyn and located nearthe subway – which is key." It will also house 61,500 sf of retail,550 parking spots and a waterfront path.

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"In arranging the financing, we created keen competition betweenvarious lenders for the right to provide the multifaceted financingfor the project," Bassuk says. "The substantial interest shown bythe lending community is a testimony to the developers and theirvision for this project and the Williamsburg community."

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

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

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The Edge, which is currently under construction and expected tocomplete in the next two years, is located in a growing part ofWilliamsburg, according to Bassuk. The projects close proximity tothe L train as well as a bustling nightlife is drawing tenants anddevelopers; there is another substantial residential project goingup near the Edge. "I think it is really going to be a happeningplace," Bassuk tells GlobeSt.com.

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