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.


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.


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.


"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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