M&T Realty Capital Corporation has provided $204.945 million in financing through Fannie Mae to TF Cornerstone for their 584-unit apartment property located at 46-10 Center Blvd. in Long Island City. The loan, which was structured with a 35-year amortization and full-term interest-only, was made possible through an existing M&T client.
The loan was originated by Michael Casey, VP of M&T RCC’s loan originations team based in New York City. The Capital Markets team at M&T RCC, led by Michael Jean Pierre, worked quickly to secure the Fannie Mae loan terms within just 24 hours of receiving a term sheet – a crucial advantage in today’s low-interest rate environment.
Casey expressed his excitement about working with such a reputable operator on financing one of the most iconic buildings in Long Island City: “The combination of full-term interest-only and 35-year amortization offered by Fannie Mae provided our borrower with an extremely competitive structure.” He also thanked Michael Jean Pierre for his instrumental role in securing the transaction within hours after application submission despite facing tough competition for favorable rates.
Overall, this deal is another success story showcasing TF Cornerstone’s ability to secure top-notch financing options while continuing to enhance their portfolio and reputation as one of the leading operators in Long Island City.
