M&T Realty Capital Corp. provides $200.96 million in Fannie Mae financing for 46-10 Center Blvd.

Long Island City, NY M&T Realty Capital Corp. provided $200.96 million in Fannie Mae financing for 584-unit property, 46-10 Center Blvd.

The property consists of studio, one-, two-, and three-bedroom residences and one ground floor retail unit (7,733 s/f, plus 2,200 s/f of outdoor space).

The building is LEED-certified, with amenities that include a terrace, fitness center, resident lounge, bicycle storage, etc.

The borrower is TF Cornerstone.

The loan was originated by Michael Casey, vice president M&T loan originations.

The financing was structured with 35-year AM and FTIO.

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, which was crucial in a low interest rate environment.

“It was an incredible opportunity to work with a top class operator on financing one of the most iconic buildings in Long Island City. We thoroughly enjoyed every minute of working with the TF Cornerstone team,” said Casey. “The full-term IO offered by Fannie Mae in tandem with 35-year AM offered the borrower a very competitive structure. I’d like to thank Michael Jean Pierre, Head of M&T RC capital markets who was instrumental in rate locking the transaction in a matter of hours post-application in a very competitive rate environment.”