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.