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

TRD 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
San Francisco Mayor London Breed (Getty)

San Francisco mayor blasts “lefty movement” for blocking housing

San Francisco mayor blasts “lefty movement” for blocking housing
529 Fifth Avenue and Silverstein Properties' Larry Silverstein (Google Maps; Getty)

Silverstein gets $171M refi for 529 Fifth Avenue

Silverstein gets $171M refi for 529 Fifth Avenue
Lantern Real Estate co-founder Tal Bar-Or and a rendering of the project

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails
AIG CEO Brian Duperreault and Brooklyn Navy Yard project, with Andrew Joblon and 980 East 149th Street (Turnbridge, Brooklyn Navy Yard)

These were the top outer-borough loans in September

These were the top outer-borough loans in September
From left: 410 Tenth Avenue, 745 Fifth Avenue, One Manhattan West and 522 Fifth Avenue (Google Maps, Wikimedia)

Real estate lending bounces back in September in a big way

Real estate lending bounces back in September in a big way
arrow_forward_ios

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

Loading...