TF Cornerstone has raked in about $205 million in financing for its Long Island City, New York residential property.
The funding was provided by M&T Realty Capital Corporation through a Fannie Mae loan. It includes a 35-year amortization period and carries full-term interest only.
The 584-unit luxury asset consists of one, two, and three-bedroom apartments, as well as studios. Also, the building at 46-10 Center Boulevard includes 7,733 square feet of ground-floor retail, 2,200 square feet of outdoor space, a fitness center, a terrace, a resident lounge, and bike storage.
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“It was an incredible opportunity to work with a top class operator on financing one of the most iconic buildings in Long Island City. We thoroughly enjoyed every minute of working with the TF Cornerstone team,” Michael Casey, vice president of M&T RCC loan originations for the NYC office, said in a statement.
“The full-term IO offered by Fannie Mae in tandem with 35-Yr AM offered the borrower a very competitive structure. I’d like to thank Michael Jean Pierre, Head of M&T RCC Capital Markets who was instrumental in rate locking the transaction in a matter of hours post-application in a very competitive rate environment.”
The move by TF builds on its concentration in New York. Recently, the developer formed a $1 billion joint venture with Dune Real Estate to transform office assets into residential properties to tackle the housing crisis. The initial target for the two will be for various major regions in the nation including New York City, Washington, DC, Boston, Atlanta, Dallas, San Francisco, Los Angeles, Charlotte, and Raleigh.
While a new Redfin report found that asking rents nationally climbed by 1.5 percent year-over-year in the third quarter — that's not happening in the Northeast. Rents in the region dropped by 3.6 percent in the three months through September, as newly finished apartments increased 13 percent year-over-year to 11,390 units in the second quarter.
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