The Real Deal New York

TF Cornerstone snags $384M loan for West Side project

Wells Fargo, other banks provide mortgage for 1,028-unit, 42-story resi tower

November 05, 2014 01:32PM

cornerstone

From left: Rendering of 606 West 57th Street and Thomas and Fred Elghanayan

Developer TF Cornerstone received a $384 million construction loan for its 42-story tower project at 606 West 57th Street on the far West Side.

Wells Fargo, M&T Bank and Germany-based Helaba each contributed a portion of the loan, the New York Observer reported. The 992,938-square-foot development near 11th Avenue is set to hold 1,028 rental units and 40,000 square feet of retail space.  There will also be a 400-car parking area and a public pre-K school.

The mortgage has a four-year term with an option to extend. The New York State Housing Finance Agency, which recently provided a $260 million loan to Glenwood Management, handled the 80/20 bond financing.

The City Council’s Land Use Committee approved the project in April, as previously reported. [NYO]Mark Maurer

 

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