| A borrower | Two Trees Management |
| A lender | NYC Housing Development Corporation (HDC) |
| Start Date | 2003-12-00 |
| Amount | 92,700,000 USD |
| Goods | After buying the land from the city for $16.5 million in 2003, David Walentas signed papers with the city’s Housing Development Corporation agreeing that “all units in the Project are subject to Rent Stabilization” as a result of its expected 421-a tax break. The agency sold $92.7 million in tax-exempt bonds to fund a loan to Two Trees in December 2003, enough to cover more than 90 percent of the project’s costs. The bonds’ tax-exempt status made the loan more affordable. |