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.