The Real Deal New York

TF Cornerstone lands big refi on Wall Street

Wells Fargo and Freddie Mac teamed up on $144M loan
December 20, 2017 08:27AM

TF Cornerstone Refinanced Its Residential Tower 45 Wall Street with a $144 million Freddie Mac mortgage issued by Wells Fargo.

The new loan replaces a $134 million Fannie Mae mortgage issued by JPMorgan Chase, Commercial Observer reported.

Built in 1959 as office space, the 27-story, 493,187-square-foot Financial District tower was converted to rental apartments in 1996. In 2008, Rockrose Development became the tower’s sole owner when it bought out an Illinois pension fund for $70.8 million.

A year later, brothers Thomas and Frederick Elghanayan left Rockrose to launch TF Cornerstone and took 45 Wall with them. [CO] — Konrad Putzier