West End Towers contains 1,000 units on the Upper West Side ofManhattan; 20% of the units are set aside as affordable housing.The loan for the multifamily high rise uses $135 million in taxexempt New York City Housing Development Corp. bonds in combinationwith a $35-million second mortgage. The refinancing amortizes on a30-year schedule. According to a spokesman at APF, the use oftax-exempt bonds is common for properties that include anaffordable housing component.

The property was developed by the Brodsky Organization ofManhattan between 1994 and 1995, 10 years after the companyacquired the land. Brodcom West Development Corp. is a generalpartnership sponsored by the Brodsky Organization. Thefive-building complex has 39 floors and offers a garage, on-sitesuperintendent, health club, doorman, bicycle room and a pool inits amenity package.

APF is one of 24 approved Fannie Mae DUS lenders, or SpecialAffordable Housing lenders. The deal "clearly demonstrates bothAPF's and Fannie Mae's ongoing commitment to support affordablehousing," says APF chairman Alan Wiener.