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$58 million financing deal may signal resurrection of downtown Manhattan

NEW YORK — A $58 million financing deal for a Battery Park City residential tower is a sign that Downtown Manhattan is determined to rebound from the devastating terrorist attacks of Sept. 11.

The loan was recently completed by New York Life Investment Management, the New York State Teachers’ Retirement System, Rockrose Development Corp. and arranged by New York-based mortgage banker The Singer & Bassuk Organization.

Earlier this year, Rockrose completed construction of 22 River Terrace, a 324-unit luxury apartment tower in Battery Park City. The building was leased to 100% occupancy over the summer. The permanent financing was originally slated to close the day after the attack but was delayed as the participating companies dealt with the tragedy.

"The building that we are financing survived the attack, is structurally sound and has good prospects for anchoring the recovery of the downtown area," said Gary Wendlandt, chairman and CEO of New York Life Investment Management. "We also feel this loan is a clear statement of our company’s faith in the people of New York and in the city’s ability to rebound and rebuild."

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