Luxury High Rise Condo to be Built on Fifth Ave

Singer & Bassuk Arranges $178.9 Million Financing for 325 Fifth Ave
Luxury Condo Tower Will Offer 250 Units at Fifth Ave. and 33rd St.

Richard Bassuk, president of the Singer & Bassuk Organization, announced the closing of a $178.9 million construction and mezzanine loan for 325 Fifth Avenue, a 250-unit, 397,000 square-foot residential condominium project to be built on Fifth Avenue between 32nd and 33rd Streets.

New York, NY, Jan 19, 2005 - /FLIERWIRE/-- SINGER & BASSUK ARRANGES $178.9 MILLION CONSTRUCTION FINANCING FOR A 255-UNIT LUXURY CONDOMINIUM TO BE BUILT IN MANHATTAN

New York (January 19, 2005) - Richard Bassuk, President of The Singer and Bassuk Organization (SBO), a mortgage brokerage and real estate advisory firm serving a select group of New York City´s most prominent developers and investors, announced the closing of a $178.9 million construction and mezzanine loan for 325 Fifth Avenue, a 250-unit, 397,000 sq. ft. residential condominium project to be built on Fifth Avenue between 32nd and 33rd Streets. A portion of the proceeds for this transaction will be applied towards a $37.4 million bridge loan provided by HSBC Bank USA which SBO previously arranged for the project.

SBO arranged the construction financing for a joint venture consisting of Continental Properties, owned by the Fisch family, and Jeffrey Levine´s Douglaston Development. The developers believe the project will change the face of this midtown area.

HSBC Bank USA provided construction financing in the amount of $137,000,000, and Massachusetts Mutual Life Insurance Company provided a mezzanine loan in the amount of $41,950,000.

Richard Bassuk stated, "In arranging the financing, we created keen competition between various lenders for the right to provide the financing for the project. Both HSBC and MassMutual provided financing which exceeded the borrower´s original expectations." Mr. Bassuk added, "The substantial interest shown by the lending community is a testimony to the developers and their vision for the project and the community."

Mr. Levine said, "SBO acted as our financial advisor from the beginning of the project and provided us with insights and assistance in both financing and other project areas. SBO provided comprehensive advice regarding project financing and made available extremely attractive offers from various lenders regarding structure, proceeds and pricing. Both HSBC and MassMutual were a pleasure to deal with, and their teams met all of our requirements in a highly professional and cooperative manner. We look forward to working with them on future transactions."

Mark Fisch said, "I am extremely pleased with the financing. This transaction confirmed my belief that SBO provides owners and developers with the highest level of service available in the industry. These services include not only insight and knowledge of the lending community, but also analytical, processing and brokerage services, as well as advice on the structuring of the transaction and, above all, unmatched hands-on attention to all relevant details."

The 325 Fifth Avenue construction and mezzanine loan transaction marked SBO´s latest success in completing significant financings for its clients.

The Singer & Bassuk Organization is a real estate finance intermediary and advisory firm serving a select group of New York City´s most prominent developers and investors. Working strictly on an exclusive basis, The Singer & Bassuk Organization delivers exceptional financial expertise and creativity. Mr. Bassuk was assisted in the transaction by James O´Reilly.