New York Life Investment Management acted as investment managerfor lead lender New York Life Insurance Co. on the loan for 22River Terrace, located in the northern residential area of BatteryPark City. The mortgage is a co-investment between New York Lifeand the New York State Teachers' Retirement System with each entityfunding half the loan. Real estate finance intermediary andadvisory firm the Singer & Bassuk Organization acted as brokerfor the transaction.

The 27-story building was purchased by 22 River Terrace LLC, asubsidiary of Rockrose Development Corp, which developed the $45million building, its third rental property in Battery Park City.Located between the Esplanade, Rockefeller Park and the recentlydeveloped Tear Drop Park, the 280,000-sf tower comprises one- two-and three-bedroom rental apartments ranging in size from 556 to1,374 sf.

According to Scott Singer, vice president at Singer &Bassuk, both lenders were determined to close the deal quickly forthe sake of the city's morale. "Everyone was working to moveforward as soon as logistically possible to close," Singer tellsGlobeSt.com. "I know that one of the things important to allparties involved was to make a statement of faith in New York City.And I think that gave us a sense of purpose beyond the economics ofthe deal, to try to get it done as quickly as possible."