TF Cornerstone lands financing for Pacific Park dev sites

Developer acquired 595 and 615 Dean Street for $143M

New York /
May.May 28, 2019 12:30 PM
A rendering of 615 Dean Street in Brooklyn and TF Cornerstone president Frederick Elghanayan

A rendering of 615 Dean Street in Brooklyn and TF Cornerstone president Frederick Elghanayan (Credit: KPF and TF Cornerstone)

M&T Bank loaned nearly $75 million to TF Cornerstone for the developer’s newly acquired Pacific Park sites, according to property records filed with the city on Tuesday.

The fee and leasehold mortgage covers two parcels at 595 and 615 Dean Street, about two blocks from the Barclays Center in Prospect Heights.

The Elghanayan family’s TF Cornerstone, known for developing properties in Manhattan and Queens, plans to construct two towers on the site that will have 800 apartments, retail and more than 70,000 square feet of open space. Empire State Development Corporation is leasing the land to TF Cornerstone, and the deal will convert to ownership once construction is done.

TF Cornerstone, ESD and M&T Bank did not immediately return requests for comment.

Greenland Forest City parted with the sites for about $143 million earlier this year. The joint venture between Forest City New York and Greenland Group had once envisioned a 25-story condominium tower there, as part of its Pacific Park megadevelopment.

Greenland Forest City had a state-imposed deadline of 2025 to build 2,250 affordable units at the 22-acre development, once known as Atlantic Yards. But only a fraction of the project has been completed, leading other developers like TF Cornerstone and the Brodsky Group to swoop in and finish major portions of the development.


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
One Madison Avenue and Marc Holliday (Photos via SL Green)

SL Green snags $1.25B construction loan for One Madison Avenue

SL Green snags $1.25B construction loan for One Madison Avenue
11 Penn Plaza and 120 Wall Street (VNO, Wikipedia Commons)

Manhattan’s top real estate loans post second best month since March

Manhattan’s top real estate loans post second best month since March
Square Mile Capital CEO Craig Solomon and The Real Deal's Hiten Samtani

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack
OneTitle's Seth Brown (iStock)

OneTitle set out to change the title industry. Now it’s out of business

OneTitle set out to change the title industry. Now it’s out of business
The Scribner Building at at 597 Fifth Avenue and Joe Sitt of Thor Equities (Wikipedia Commons)

Thor delinquent on $105M loan at 597 Fifth

Thor delinquent on $105M loan at 597 Fifth
Pension fund investors are seeking to take cash out of real estate funds as property values fall, like at Water Tower Place in Chicago (Photo via iStock; Wikipedia Commons)

Core real estate funds delay investors from cashing out

Core real estate funds delay investors from cashing out
arrow_forward_ios

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

Loading...