Representing the second largest cooperative in the entire world, Luna Park Housing Corporation needed $68 million in connection with a major capital project that includes replacing all of the brick facades throughout the entire project, replacing all windows with new energy efficient windows, and replacing all of the building’s roofs. Adam Leitman Bailey, P.C. was hired not only to represent the corporation in closing the largest loan in New York that year but we had worked with City, State and National governmental officials to obtain grants.
Despite many obstacles, the corporation received $47 million from Wells Fargo Bank in the form of a 30-year mortgage and government grants in the amount of 21 million dollars setting a record for public grants for such a project. Adam Leitman Bailey and Leonard Ritz represented Adam Leitman Bailey, P.C. for all matters involving the project.