NEW YORK CITY — M&T Realty Capital Corp. has provided a $204.9 million Fannie Mae loan for the refinancing of a 26-story high-rise community in the Long Island City neighborhood of Queens. Michael Casey of M&T Realty Capital originated the debt on behalf of the borrower, locally based investment and development firm TF Cornerstone. The loan features a 35-year amortization schedule and full-term, interest-only payments.
Located at 46-10 Center Blvd., the building comprises 584 apartments in studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, multiple lounge areas, coworking space and a rooftop terrace. The property also features 7,733 square feet of ground-floor retail space. The building is LEED certified.
M&T Realty Capital Corp., a Fannie Mae DUS lender, is a wholly owned subsidiary of M&T Bank that provides financing for multifamily properties, as well as commercial income properties and healthcare facilities.
TF Cornerstone owns and operates roughly 12,000 residential units in Manhattan, Brooklyn and Long Island City. In addition to apartments, TF Cornerstone owns about 1 million square feet of retail space throughout New York City and 2.5 million square feet of office properties in Washington, D.C., and New York City, including Carnegie Hall Tower.