$21M Financing Closes for Retail/Garage Condo

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NEW YORK CITY-The Singer and Bassuk Organization closed a $20.5-million permanent loan for the retail and garage condominiums located at 325 Fifth Ave. The retail condominium consists of approximately 5,880 sf of grade level retail space with frontage on Fifth Avenue between East 32nd and 33rd streets, and the garage condominium consists of 29,290 sf containing 174 below-grade parking spaces. The permanent financing with Hypo Real Estate Capital Corp. for a joint venture consisting of Continental Properties, owned by the Fisch family, and Jeffrey Levine’s Douglaston Development.

The company previously arranged a $178.9 million construction and mezzanine loan for a 250-unit, 397,000-sf residential condominium project located above the retail and garage space. The residential condominium was 100% sold out less than eight months after commencement of sales.

“The deal has been in the works since January,” Richard Bassuk, president of Singer and Bassuk tells GlobeSt.com. “We created keen competition between various lenders for the right to provide the financing for the project in the form of a highly structured loan,” he adds. “The financial market had become extremely volatile and Hypo’s substantial interest in the project is a testimony to the developers, their expertise in the industry, and Hypo’s creativity.”

Jeffrey Levine adds that “SBO acted as our financial advisor from the beginning of the project and provided us with insights and assistance in an extremely difficult financing market,” he says. “SBO provided comprehensive advice regarding the structure, proceeds and pricing for the project, and took the lead in difficult negotiations. Mr. Bassuk was able to accommodate both our needs and those of our lender.”