reported here,particularly of the residential variety. The latest to report adeal isn't a new project, but rather the 1,000-unit garden-styleDurham Wood Apartments at 32-N Reading Rd. here.

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Specifically, the property's owners have picked up $70 millionin permanent financing, taking out existing financing. The deal wasarranged by Richard Bassuk, president, and associate Evelyn Savinoof the New York-based Singer and Bassuk Organization. A spokesmanfor that firm declined to identify the borrower, citingconfidentiality. The property, however, is currently listed in theportfolio of Continental Properties.

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According to Bassuk, his firm initially talked to various FannieDUS lenders and Freddie Mac seller-servicers before opting forWachovia Multifamily Capital Inc. as the DUS lender to representthe borrower with Freddie Mac.

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"Wachovia and Freddie Mac were very responsive," Bassuk says."They provided the proceeds that were requested by the borrower onvery advantageous terms, and exhibited both ingenuity andprofessionalism in achieving the results."

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