It’s good to see a deal get done but a bit disconcerting to admit that it took much city, state and federal government assistance to close this loan.
The New York City Housing Development is issuing $11MM in tax payer backed muni bonds and Freddie Mac is chipping in with over $4MM in “credit enhancements” and they are getting tax credits to the tune of $7.4MM. That’s a lot of government largess.
Sure private enterprises like Bank of America, Wachovia and MMA did their part but it took various government entities to put it over the top.
Tags: Arker, Bank of America, commercial mortgage, MMA, Wachovia
