NEW YORK CITY — M&T Realty Capital Corp. has provided a $204.9 million Fannie Mae loan for the refinancing of a 584-unit apartment tower in the Long Island City area of Queens. The 26-story building at 46-10 Center Blvd. houses studio, one-, two- and three-bedroom residences and one ground-floor retail space totaling 7,733 square feet.
Amenities at the property include a fitness center, multiple lounge areas, coworking space and a rooftop terrace. The building is LEED certified.
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.
According to Casey, the loan underwriting offered the borrower “a very competitive structure.”
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, commercial income properties and healthcare facilities.
In addition to apartments, TF Cornerstone owns more than 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.
— Kristin Harlow and Taylor Williams