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45-45 Center Boulevard Gets $265M Loan

NEW YORK CITY-The third residential tower in TF Cornerstone’s 2.9 million-square-foot East Coast development has secured financing from four domestic banks. TF Cornerstone’s Jeremy Shell tells GlobeSt.com’s Jacqueline Hlavenka that lenders’ familiarity with the project “helped make the process easier.”

By Jacqueline Hlavenka | Updated on December 02, 2011

NEW YORK CITY-The third residential tower in TF Cornerstone’s 2.9 million-square-foot “East Coast” development in Long Island City has secured financing from four domestic banks. The 40-story, 820-unit apartment building at 45-45 Center Boulevard has secured a $265 million loan from Wells Fargo, M&T Bank, Bank of America and Capital One for the completion of the tower’s construction.

The project is the largest structure out of the seven buildings in the 20-acre development site, says Jeremy Shell, VP of acquisitions and finance at TF Cornerstone. He tells GlobeSt.com that obtaining financing for the tower was “easier than it might have looked” despite the size of the plan and current market conditions.

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