Cases & Deals

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.

We use cookies to deliver our online services. Details of the cookies and other tracking technologies we use and instructions on how to disable them are set out in our Cookies Policy. By using this website you consent to our use of cookies.