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TF Cornerstone lands $700M financing for NYC affordable housing project


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TF Cornerstone lands $700M financing for NYC affordable housing project

TF Cornerstone Inc. secured financing worth about $700 million for its Hunters Point South affordable housing development in the Long Island City neighborhood of Queens, N.Y., The Real Deal reported, citing property records.

The package included a roughly $173.3 million mortgage for the 56-story tower at 52-03 Center Blvd. from the Department of Housing Preservation and Development. The city's Housing Development Corp. provided another $282.3 million, including bonds, for the 776,624-square-foot building.

Also a part of Hunters Point South is a roughly 400-unit tower spanning 384,000 square feet at 52-41 Center Blvd., which received about $245 million in financing from the Housing Development Corp.

Wells Fargo, JPMorgan Chase, M&T Bank and PNC Bank were additional lenders on the project, the Jan. 4 report added, citing TF Cornerstone.