The Real Deal New York

TF Cornerstone seeks $140M loan for 387 Park Avenue South

Singer & Bassuk Organization tapped to arrange the deal

April 03, 2015 04:20PM

387 park avenue south

Rendering of 387 Park Avenue South (credit: TF Cornerstone)

TF Cornerstone is looking for a $140 million loan to replace existing debt on its 12-story office property at 387 Park Avenue South.

The Singer & Bassuk Organization has been tapped to arrange the deal, which will mark the firm’s ninth transaction for the developer in two-and-a-half years, the New York Observer reported. The developer is looking for a 10-year — or longer — fixed-rate loan.

The developer is considering life companies, CMBS and several pension funds, according to Andrew Singer, chair of Singer & Bassuk.

The Madison Square area property contains 213,124 square feet of office space and 12,370 square feet of ground-floor retail space. The building is approximately 70 percent leased, according to the landlord.

Tenants include Paris-based advertisement firm Criteo, Citi Habitats, and TF Cornerstone itself, whose headquarters occupies two-and-a-half floors. [NYO] — Tess Hofmann


  • Ofir

    I am wondering why it is not possible to find to my client office building $100 mil +cape rate 6-7% in NYC while I am reading about many off market transactions after a closing deals? Is such deals secured only for the big firm??