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TF Cornerstone Scores $205M Financing on LIC Apartments
M&T Realty Capital Corporation provided $204.945,000 million in Fannie Mae financing to TF Cornerstone on 46-10 Center Blvd., a 584-unit apartment property in Long Island City. The financing through an existing M&T client was structured with 35-year amortization and full-term interest-only.
Michael Casey, VP M&T RCC loan originations in the bank’s New York City office, originated the loan. The M&T RCC Capital Markets team, led by Michael Jean Pierre, was able to streamline rate lock the Fannie Mae loan terms within 24 hours of getting a term sheet, a crucial factor in a low-interest rate environment, according to M&T.
“It was an incredible opportunity to work with a top-class operator on financing one of the most iconic buildings in Long Island City,” said Casey. “The full-term IO offered by Fannie Mae in tandem with 35-year amortization offered the borrower a very competitive structure. I’d like to thank Michael Jean Pierre, head of M&T RCC Capital Markets, who was instrumental in rate locking the transaction in a matter of hours post-application in a very competitive rate environment.”
- ◦Financing
