M&T Realty Capital Corporation recently 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 relationship between M&T and the borrower.
The loan was originated by Michael Casey, Vice President of M&T RCC’s loan originations team based in New York City. According to M&T, the Capital Markets team led by Michael Jean Pierre worked quickly to secure favorable terms for the Fannie Mae loan within just 24 hours of receiving a term sheet – an important factor given current low-interest rates.
Casey expressed his excitement about working with such a reputable operator on financing one of Long Island City’s most well-known buildings: “The combination of full-term interest-only and a long amortization period offered by Fannie Mae gave our borrower a highly competitive structure.” He also thanked Jean Pierre for his crucial role in securing this transaction at such competitive rates within hours after application submission.
Overall, TF Cornerstone has secured $205 million worth of financing thanks to this successful collaboration with M&T Realty Capital Corporation – marking another milestone achievement for both companies.
