New York, New York

Beekman Tower is a 75-story high-rise in the Financial District of Manhattan that will contain 904 rental apartments, built above a separate ambulatory care facility and New York City public school, and below grade parking. The Frank Gehry-designed building features a striking, twisting, metal facade which will make it a landmark tower in Lower Manhattan and the tallest residential building in North America when it is completed in 2011. The site is an infill location adjacent to the Financial District’s employment center, and it has unparalleled subway access to the rest of New York City. Despite tightening credit markets in the Fall of 2007, National was able to provide mezzanine and equity financing and credit enhancement for the over $800 million project. The financing structure is completed by developer equity and Liberty and taxable bonds. The expertise and financial stability of Forest City, the project’s developer, gave National the confidence to provide flexible financing to such a complex project in a challenging market.