Wells Fargo provides credit enhancement for tax exempt bonds issued by New York City Housing Development for construction of 37-story residential project
Clients Wells Fargo Bank, National Association
Jones Day represented Wells Fargo Bank, National Association as issuer of a direct-pay letter of credit to credit enhance approximately $163.2 million of tax-exempt bonds issued by the New York City Housing Development Corporation. The bonds will be used to finance the construction of a 37-story residential project in Long Island City, New York comprised of a residential rental apartment building containing approximately 619 units (124 of which will be made available to low-income tenants), approximately 13,739 square feet of commercial space, and an approximately 250-space parking garage. Wells Fargo will act as servicing agent to service and administer the disbursement of the bond proceeds along with a $45.7 million loan from the City of New York, acting by and through its Department of Housing Preservation and Development. Jones Day also represented Bank of America, N.A. as co-agent.