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April 1, 2008
$680M Loan Closes for Downtown Tower Build
GlobeSt.com
By Natalie Dolce
NEW YORK CITY-The New York City Housing Development Corp. closed a $680 million construction loan with an affiliate of Forest City Ratner. The project will use Liberty Bond and taxable bond proceeds for the new construction of a 904-unit apartment tower in Lower Manhattan located at 60 Beekman St.
The Liberty Bond issuance represents the last of HDC’s allocation. The New York State Housing Finance Agency also contributed $13.9 million from its Liberty Bond allocation to make this exciting development possible. "Beekman Tower is among HDC’s most notable financings to date” according to Marc Jahr, president of the HDC. "I’m confident that this striking Frank Gehry designed building will provide a powerful impetus to the continuing transformation of Lower Manhattan into a vibrant live-work neighborhood."
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Bruce Ratner, chairman and CEO of Forest City Ratner, says in a prepared statement that "this project could not have happened without the Support Speaker Silver, Mayor Bloomberg, Deputy Mayor Deputy Mayor Leiber, HPD Commissioner Donovan, NYC HDC President Marc Jahr, LMDC President David Emil and Chairman Avi Schick and all of the local community leaders."
NoLandGrab: If we're not mistaken, plans for the Frank Gehry-designed Beekman Street tower are a very well kept secret and have never been released publicly.
Posted by lumi at April 1, 2008 6:01 AM