TF Cornerstone lands financing for Pacific Park dev sites

Developer acquired 595 and 615 Dean Street for $143M

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.

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