SBO ARRANGES TWO MULTIFAMILY LOANS TOTALING $103 MILLION
EDISON, N.J., AND NEW YORK CITY — New York City-based The Singer & Bassuk Organization (SBO) has arranged a total of $103 million in financing for two multifamily projects. In the first transaction, Richard Bassuk and Evelyn Savino of SBO arranged a $70 million permanent loan for Durham Woods, a 1,000-unit apartment community located in Edison. The loan was secured through Wachovia Multifamily Capital with Freddie Mac. In the second transaction, Bassuk and James O’Reilly, also of SBO, arranged a $33 million construction loan for 34 Berry Street, a seven-story, 142-unit luxury apartment building located at the corner of Berry and North 12th streets in Brooklyn, New York City. The lender was Bank of America, and the borrower was LCOR Residential Associates. Terms of both loans were undisclosed.