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TF Cornerstone gets $73M loan on two development sites on southeast block

As first reported 5/28/19 by the Commercial Observer, Pacific Park Resi Tower Nabs $73M Financing from M&T, and then The Real Deal, TF Cornerstone lands financing for Pacific Park dev sites, the development company that has bought the leases to the B12 and B13 sites has some momentum.

Those sites, known as 615 Dean and 595 Dean, are on the southeast block of the site, Block 1129, between the already-constructed condo building 550 Vanderbilt and the already-constructed rental 535 Carlton.

TF Cornerstone, which paid Greenland Forest City Partners about $143 million for the leases, got a $73 million loan from M&T for the sites, which are to be developed into rental with with either 25% or 30% affordable housing, depending on which element of the 421-a program is chosen. The total should be about 800 units.

Before changes in the 421-a program were announced, 615 Dean was announced in September 2015 as a condo building, but that plan did not go forward.

This surely will not be the only loan on the property: tax-exempt financing should be available for the affordable housing.

The site is nominally owned by Empire State Development, but, as noted in previous coverage, TF Cornerstone will own the site after construction.

"The Note contains provisions for a variable rate of interest," the document says on p. 21, but there are no specifics.

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