TF Cornerstone receives $265 million loan for East Coast: Advisor - Singer & Bassuk

LONG ISLAND CITY, NY TF Cornerstone has received a $265 million loan from Wells Fargo, M&T Bank, Bank of America and Capital One to finance the waterfront residential tower at 4545 Center Blvd. The 40-story, LEED certified, 820-unit rental building is one of four new buildings at TF Cornerstone's East Coast master plan. The project is slated for completion in 2013. "We have an unbelievable team of lenders who have continued to support our organization and our vision for East Coast," said Jeremy Shell, VP of acquisitions and finance at TF Cornerstone. "We all share the goal of building out this master plan, achieving the full density we envisioned and creating a thriving and highly amenity-rich luxury waterfront community with superior access to transportation and unmatched views of Manhattan and the East River." 4545 Center Blvd. will have 799,247 of gross residential s/f in addition to 12,300 s/f of retail space and a 1,000 space parking garage. The tower will also include a lifestyle amenity center which will include a fitness center, children's playroom and resident's lounge. The building will also include an additional 55,000 s/f of outdoor space which will feature tennis courts, volleyball courts, playground, Delano-style pool, cabanas and a lawn area. East Coast is a 20-acre residential project developed by TF Cornerstone and once fully constructed it will consist of 3,100 residential units totaling 2.9 million s/f including retail and parking areas. As a pioneering developer, TF Cornerstone transformed this former industrial neighborhood into a vibrant residential community with eight acres of waterfront parkland, ball fields, a K-8 school, and a Steven Holl-designed public library. To date TF Cornerstone has completed a rental tower and condominium in the East Coast project. In 2010, TF Cornerstone broke ground on 4615 Center Blvd. and 4540 Center Blvd., two of the four newest buildings that will complete the East Coast master plan. Those two buildings topped out construction this summer and will bring over 700 new apartments to the Long Island City waterfront with leasing commencing in early spring 2012. The Singer and Bassuk Organization of New York advised TF Cornerstone on the loan transactions. TF Cornerstone is a family-owned and operated real estate acquisition, development and management organization with residential, commercial and retail properties in both New York and Washington, D.C. Headquartered at 387 Park Avenue South, TF Cornerstone's principals pride themselves on their personal involvement in all aspects of their business and portfolio, ensuring the highest level of quality and assurance. For more information, please visit www.TFCornerstone.com.