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ARCS puts NY loan on a 30-day fast track
Real Estate Weekly, May 18, 2005
Steven Heller, senior vice president of the Eastern region of ARCS Commercial Mortgage Co., L.P., announced that ARCS has closed its first auction rate bond transaction in just 30 days, providing $82.5 million in financing for the Washington Street Apartments, a 27-story (plus basement) building in Manhattan's financial district at 90 Washington St. The property includes 398 class A residential units, 1,500 s/f of commercial space and an adjacent 1,800 s/f courtyard. The building is owned by The Moinian Group, one of downtown Manhattan's largest private landlords.
Originally built in 1969 and occupied by the Bank of New York, the property was completely renovated and converted to residential use in 2003 to include a host of amenities: a fitness center, a private lounge with outdoor golf putting green and driving nets, landscaped rooftop terrace, 24-hour concierge service, on-site valet service and 28 laundry rooms. Many of the units have spectacular city and river panoramic views as well.
This financing provided credit enhancement of $74.8 million in tax-exempt Liberty Bonds and a $7.7 million subordinate loan for a total of $82.5 million. The loan will have a 30-year term.
"We are intent on making lower Manhattan a better place to live and ARCS Commercial Mortgage has helped us make that possible," said Joseph Moinian, CEO of The Moinian Group.
The Liberty Bond Program was introduced to support the lower Manhattan rebuilding effort after 9/11. It was a cooperative effort between the New York Liberty Development Corporation, the New York City Industrial Development Agency, the New York State Housing Finance Agency and HDC to provide low cost, tax-exempt bond financing for the renovation or construction of commercial and residential properties in the newly defined Liberty Zone downtown.
The loan was originated by ARCS' Princeton office and was referred to ARCS by Richard Bassuk, of The Singer & Bassuk Organization.
"We found they provided exceptional financial expertise and creativity," said Steven Heller, of ARCS' Princeton office. The initial rate on the auction rate bond was 1.72% and the fixed rate on the subordinate taxable tail was 4.615%.
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