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| Richard Bassuk |
New York, NY, Jan. 21, 2014 – Richard Bassuk,
President of The Bassuk Organization, Inc., and Co-Chairman and Chief Executive
Officer of Greystone Bassuk Group, announced today the closing of a
$210,000,000 credit enhancement from Helaba Landesbank Hessen-Thüringen and PNC
Bank, National Association under The New York State Housing Finance Agency
(“HFA”) 80/20 Program for an affiliate of J.D. Carlisle Development Corp.
(“Carlisle”).
The financing was structured with $111,445,000 of Series A
low floater tax-exempt bonds and $30,000,000 of Series B taxable bonds issued
by HFA in 2013, with the remaining $68,555,000 of tax-exempt bonds to be issued
in 2014.
Proceeds from the bonds will be used to finance construction
of Carlisle’s 319-unit 80/20 residential project known as 160 Madison
Avenue.
The project is located on Madison Avenue between 32nd and
33rd Streets, and contains approximately 29,100 sq. ft. of retail space.
80% of the residential units, or 265 units, will be market
rate apartments.
The remaining 20% of the residential units, or 64 units,
will be designated affordable housing units with 52 units rented to tenants
whose household incomes are at or below 50% of the New York City Area Median
Income (“AMI”), and 12 units rented to tenants whose household incomes are at
or below 40% of AMI.
“Mr. Bassuk acted as financial advisor and ably assisted us
in the analysis of all aspects of the 80/20 Program and processing with HFA,”
stated Jules Demchick, Chairman of Carlisle, a leading developer in New
York City.
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| Jules Demchick |
“We are delighted with the results achieved and look forward
to working with Mr. Bassuk and his team again,” stated Evan Stein, the
President of M.D. Carlisle Construction Corp., the construction manager for the
project, and a principal of the developer.
“Financing 80/20 projects is highly labor intensive and
takes specialized knowledge.
"Demand and opportunity for these developments in
New York City continues to grow because of additional benefits, including the
20-year real estate tax abatement available under this program.
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| Evan Stein |
“To provide the necessary services, we have in-house
specialists fully experienced with such complex projects,” said Mr. Bassuk.
He stated that, “TBO
acts as the developer’s Owner Representative for the entire 80/20 process and
provides owners/developers with the highest level of service available in the
industry.”
Evelyn Savino worked with Richard Bassuk to close the
transaction.
For a complete
copy of the company’s news release, please contact:
Greystone
Karen Marotta
212 896 9149
Cognito
Loretta Mock/Jessica Kleinman
646 395 6300
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