Walker & Dunlop Provides TF Cornerstone with $120M

Walker & Dunlop lands $120 million for an apartment tower in Queens, N.Y.; a new mixed-use asset is coming to Charles City, Iowa; and NorthMarq arranges a $19.9 million mortgage with two years interest-only.

East Coast

Queens, N.Y.—TF Cornerstone’s master planned community known as East Coast has landed $120 million in financing from Walker & Dunlop for 45-50 Center Boulevard. The 345-unit building is part of stage two of the Queens development. Once complete it will feature seven mixed-use residential buildings with over 3,000 units in a prime waterfront location minutes from downtown Manhattan.

“The financing of 45-40 Center Boulevard in Long Island City was a herculean task by the entire deal team, led by Steven Heller—from start to finish, this deal was executed flawlessly,” says Willy Walker, president & CEO of Walker & Dunlop. “45-40 is a gorgeous property with spectacular views of the Manhattan skyline and financing such a landmark property for such a renowned developer is just fantastic.”

45-40 features an amenity package that includes a concierge, valet services, a rooftop terrace/garden, and a full-service restaurant on the ground level. Residents will also have access to the East Coast Club, a fitness center located in an adjacent building that is scheduled to open in early 2014.

Iowa town gets $13M mixed-use asset

Charles City, Iowa—The small town of Charles City, Iowa is getting a big boost to its downtown offering with the development of a mixed-use retail and apartment asset. The project, known as McQuillen Palce, is being built by the three Thomson brothers. It is set to include 33 units and five to eight retail spaces. The $13 million project, which is located on Main Street, will be the largest new retail structure built on Main Street in 115 years.

“The 1968 Charles City tornado destroyed much of our Main Street,” says Peter Thomson. “When added to the growth of existing businesses, McQuillen Place will help to revive Charles City’s Main Street and make it as central and significant as it was to the region before 1968.”

“Our perception is that so many people are either driving to Charles City to work or to shop that there is going to be even more demand for quality retail space,” adds Charles Tomson. “People are starting to come to Charles City for things they can’t get as easily anywhere else in this part of the country.”

To finance construction, the Thomsons, in addition to amassing their own capital, have requested tax increment financing from the local TIF district and hope to make use of disaster recovery financing available to the city through a federal government program seeking to encourage building to replace homes lost in the 2008 floods in the Plains States. The requests for government assistance are pending.

NorthMarq arranges $19.955M mortgage with two years interest-only

Beaverton, Ore.– Luke Donahue and John Kinser of NorthMarq’s Phoenix Regional office arranged acquisition financing of $19.955 million for Wyndham Park Apartments, a 288-unit market-rate multifamily community located in Beaverton, Ore.

Financing was based on a 10-year term with two years interest only followed by a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Kl-Wyndham Park, LLC, through its seller-servicer relationship with Freddie Mac.