Richard Bassuk, president of the Singer and Bassuk Organization, arranged the financing with James O'Reilly. A portion of the proceeds will be applied toward a $37.4-million bridge loan provided by HSBC Bank USA which SBO previously arranged for the initiative located between 32nd and 33rd streets. HSBC provided the construction financing, while Massachusetts Mutual Life Insurance Co. provided the mezzanine loan.
"This should really stimulate development in this area," says Bassuk, who has long-established relationships with both JV partners. Continental is owned by the Fisch family and Jeffrey Levine owns Douglaston Development. The 40-story tower in the shadow of the Empire State Building is near of a number of Manhattan's prominent neighborhoods: Chelsea, Gramercy and the Flatiron District.
"In arranging the financing, we created keen competition between various lenders for the right to provide the financing for the project," explains Bassuk. "Both HSBC and MassMutual provided financing which exceeded the borrower's original expectations." Recent SBO bridge loans have totaled more than $250 million.
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