NEW YORK CITY—The Singer & Bassuk Organization, which represents commercial real estate developers, owners and investors in their dealings with lenders, has arranged for $240 million in financing that has enabled EBNB to acquire 70 Pine Street, the former headquarters of AIG.

Andy Singer and Kathleen McSharry, respectively chairman and senior managing director of Singer & Bassuk, advised and represented EBNB over a number of months on the acquisition financing.

EBNB intends to convert the vacant, million-sq.-ft. office tower to a luxury residential rental building with about 1,000 units. Demolition is expected to begin shortly, architectural plans are being drawn, and The Singer & Bassuk Organization will soon represent EBNB in arranging for construction financing for the $500 million project.

Herrick, Feinstein real estate partners Carl Schwartz and Laurie Grasso led the legal team that represented EBNB.
The first-mortgage lender was advised by EMMES and Larry Davis of the Shorewood Real estate group, and represented by the law firm Greenberg Traurig.