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

New York /
Jan.January 04, 2019 12:45 PM

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.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
A rendering of 165 Broome Street (Credit: Handel Architects)
Nonprofit plans affordable housing development near Essex Crossing
Nonprofit plans affordable housing development near Essex Crossing
Behind the Vale: Conflict dogs Zelig Weiss and his hip hotel
Behind the Vale: Conflict dogs Zelig Weiss and his hip hotel
Behind the Vale: Conflict dogs Zelig Weiss and his hip hotel
ICSC’s Here, We Go event in Las Vegas
Fear and loathing at ICSC’s resurrected Vegas conference
Fear and loathing at ICSC’s resurrected Vegas conference
Mayor Bill de Blasio (Getty, iStock)
NYC talked about converting hotels into affordable housing. Nothing’s happened yet
NYC talked about converting hotels into affordable housing. Nothing’s happened yet
President Joe Biden (Getty, iStock)
Biden’s broadband bucks could wire all of NY’s affordable housing
Biden’s broadband bucks could wire all of NY’s affordable housing
City’s tallest warehouse could be coming to Queens
City’s tallest warehouse could be coming to Queens
City’s tallest warehouse could be coming to Queens
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...