The Real Deal New York

TF Cornerstone gets roughly $700M in financing for LIC affordable housing project

Money from HPD and HDC is for firm’s Hunters Point South development
By Eddie Small | January 04, 2019 12:45PM

TF Cornerstone’s Fred Elghanayan and renderings of 52-03 Center Boulevard in Long Island City (Credit: CityRealty)

UPDATED, 2:15 p.m., Jan. 4: The city has provided TF Cornerstone with about $700 million in financing for its Hunters Point South development at 52-03 and 52-41 Center Boulevard.

The package included a roughly $173.3 million mortgage from the Department of Housing Preservation and Development for 52-03 Center Boulevard, according to property records. The remaining $282.3 million in financing for that tower, which included bonds, was from the city’s Housing Development Corporation.

HDC also provided the tower at 52-41 Center Boulevard with about $245 million in financing, according to property records.

HPD commissioner Maria Torres-Springer said in a statement that the financing “marks a critical milestone in advancing Hunters Point South, a full-service community anchored in affordability and economic opportunity that is transforming the landscape of Long Island City.”

The tower at 52-03 Center Boulevard will stand 56 stories tall and span 776,624 square feet, making it the fourth largest project filed in 2017. The building at 52-41 Center Boulevard will be smaller, containing about 400 apartments across 384,000 square feet.

Additional lenders on the project include Wells Fargo, JPMorgan Chase, M&T Bank and PNC Bank, according to TF Cornerstone.

TF Cornerstone is also working on a new building in Long Island City at 38-21 12th Street for the city’s Department of Transportation and planning a $925 million megaproject along the neighborhood’s waterfront at 5-40 and 4-99 44th Road.

This story has been updated with additional information from property records and HPD.