NEW YORK CITY-The Singer & Bassuk Organization has arranged a $156-million construction loan for the Azure luxury cooperative project. The 245,000-sf building is being constructed at 333 East 91st St. between First and Second avenues by the DeMatteis Organizations and the Mattone Group. HSBC Bank USA, National Association provided the loan.

Richard Bassuk, president of SBO, tells GlobeSt.com that the projects developers "approached us because of the complexity of the transaction and their belief that we could get them the best financing available in the market." The project will create 128 co-op units and will also include the construction of a school on an adjacent parcel. The school component was part of the original lease deal the developers signed with the New York City Educational Construction Fund. The group leased the development site to the joint venture with the stipulation that a school be built by the developers on a connecting site. An old school will be demolished to make way for the new site; although SBO was not involved in any part of the school development.

In a statement Richard DeMatteis, president of the DeMatteis Organizations says, "[SBO's] services included not only insight and knowledge of the lending community, but also analytical support and advice on the structuring of the transaction. SBO provided sophisticated guidance and hands on attention to a complex project and helped to optimally structure and integrate our development objectives and financing."

The average co-op size will be 1,414 sf, according to Bassuk, who said the sale prices will be highly competitive for the area.