Skip to main content

Featured Post

Atlantic Yards/Pacific Park graphic: what's built/what's coming + project FAQ (pinned post)

$380 million construction loan announced for B12/B13 towers on southeast block

From Real Estate Daily Beat, 7/1/21, TF Cornerstone lines up $380M loan for Dean Street development:
TF Cornerstone has lined up $380 million in construction financing from a syndicate led by Wells Fargo and PNC Bank for its 800-unit multi-family development at 595 and 615 Dean Street in Prospect Heights, CMA [Commercial Mortgage Alert] first reported. BankUnited, BNY Mellon, and Capital One are also participating.
It's unclear whether the loan was just issued or, rather, recently announced. 

The developer, thanks in part to after-hours construction, has moved steadily ahead on the two-tower project (B12, B13) on the southeast block of Atlantic Yards/Pacific Park, including deep underground space for a Chelsea Piers fitness center/fieldhouse. The towers are expected to open in 2023.

TF Cornerstone already got a $75 million loan to help with the $143.1 million site lease from master developer Greenland Forest City Partners.