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NEW YORK CITY-The 36-story neo-classical office tower that served as the headquarters of Brown Brothers Harriman & Co., the nation’s oldest and largest private commercial bank, is being converted into 476 rental apartments. The Singer and Bassuk Organization announced the closing of a $70 million bridge loan for the 410,000-sf site at 63 Wall St. Corus Bank of Chicago provided $70 million for the acquisition and start of the $60 million conversion program.

“The substantial interest shown by Corus is a testimony to the project and to Nathan Berman, the developer of the project, and is another step forward in the revitalization of downtown New York City following the events of September 11,” says SBO president Richard Bassuk.

Project developer Nathan Berman adds, “SBO has been our financial advisor for the project and has been working to arrange Liberty Bond financing under the sponsorship of the New York City Housing Development Corp.” The 63 Wall Street bridge loan transaction is the latest in a series of transactions involving financing Lower Manhattan residential and office buildings for SBO’s clients. The firm recently completed the first Liberty Bond transaction financed by the New York City Housing Development Corp. for 90 Washington St. in the amount of $82 million, as well as the $60.5 million refinancing of 17 Battery; both were completed within the past few months.

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