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FOR IMMEDIATE RELEASE:
THE SINGER & BASSUK ORGANIZATION ARRANGES $115 MILLION PERMANENT LOAN FOR CARNEGIE HALL TOWER New York, NY - December 17, 1997 - The Singer & Bassuk Organization announced today that it has recently closed a $115 Million leasehold mortgage on Carnegie Hall Tower, a landmark 535,000 square foot office building at 152 West 57th Street in Manhattan owned by Rockrose Development Corp. The leasehold loan amount of $215 per square foot is tangible evidence of the dramatic rebound in the financing market of A+ quality office buildings in Manhattan. The Singer & Bassuk Organization was represented in this transaction by its Chairman and CEO Andrew J. Singer and Senior Managing Director Kathleen McSharry. Mr. Singer's role in the transaction began in 1988 when he arranged the construction financing for the project with Fuji Bank and a standby take-out with The Equitable Life Assurance Society of the United States. His relationship with Rockrose dates back to 1975 when he arranged the permanent financing of Turtle Bay Towers at 310 East 46th Street. Over the years, Mr. Singer has arranged more than 25 permanent and construction loans for Rockrose and, in 1997 alone, closed 6 financing transactions with them totalling more than $403 Million. Ms. McSharry was involved in all aspects of the Carnegie Hall Tower financing. She had primary responsibility for the creation of the offering package and overall coordination between lender and borrower and their respective counsel. ERE Yarmouth, the Advisor to the lender, was represented by Paul Mucci, Eileen Miller, and Stephanie Schechter. Lender's counsel was Kelley Drye & Warren, represented by Robert Bickford and Joseph Geoghan. The borrower's attorneys were Michael Korotkin, Larry Loeb and Frances Buchinsky of Kramer, Levin, Naftalis & Frankel. Construction of Carnegie Hall Tower was begun in 1988 by Rockrose Development Corp. and completed and fuly leased by 1993. The building, which is connected at the lower levels to the world famous concert hall, is a 60 story structure providing its prestige tenancy with unsurpassed views of Central Park and, to the south and west, a 50 mile panoramic view of New York Harbor and the hills of New Jersey. The building has many high profile tenants with strong representation among firms in the entertainment, money management/finance, legal and fashion industries. Among its tenants are Capitol EMI, Eddie Murphy Productions, Charles Jourdan, Kenneth Cole, BankBoston, CNBC and the Japan Foundation. The Singer & Bassuk Organization is a real estate services firm whose services include:
Mr. Singer has arranged debt and equity financing encompassing the entire range of property types, utilizing a wide variety of financing techniques. His activities have been nationwide. Aggregate financings by him exceed $5.0 billion and include in excess of $2.5 billion for office, retail and industrial properties, and $3.0 billion for residential and hotel properties and elder care facilities. Mr. Singer is joined at the firm by Richard Bassuk, formerly President of Starrett Housing Corporation, a publicly-held real estate company. As Starrett's President, Mr. Bassuk was responsible for development activities, including major 80-20 housing projects and numerous government-assisted and conventional housing developments. He was also responsible for the operations of (i) Levitt Corporation, a major single-family homebuilding company in the United States and Puerto Rico; (ii) HRH Construction Company, which built CitiCorp Center, the Jacob Javits Convention Center, Trump Tower, and many other residential, commercial and institutional facilities; and (iii) Grenadier Realty Corp., a real estate management company responsible for more than 30,000 housing units. |