TF Cornerstone has closed on a $265 million construction loan for an 820-unit Queens rental tower, Crains’s reported. The tower is part of the company’s East Coast project, which is aiming to transform a formerly industrial area in Long Island City into a hub of new development with seven buildings and over 3,000 new apartments in total. The 820-unit, 40-story tower will be the second to last building to rise as part of the initiative.
The $265 million loan from Wells Fargo, M&T Bank, Bank of America and Capital One Financial is the largest loan the company has received for any of the buildings so far according to Jeremy Shell, vice president of TF Cornerstone.
“The banks have been involved in East Coast from the very beginning. It made the execution of the deal easy,” he said.
Construction on the tower is slated to be completed in 2013, Crain’s said. [Crain's]