Today's Deals: TF Cornerstone Lands $256M for LIC Tower

TF Cornerstone lands a $265 million loan for an 820-unit tower; Greystar receives a management gig from Stoneleigh; and Alliant closes on a $2 million Fannie Mae refi loan.

East Coast

Queens, New York—TF Cornerstone has received a $265 million loan from a consortium of banks to finance 4545 Center Boulevard in Long Island City. The 40-story, 820-unit, LEED certified tower is the third and largest tower to break ground in TF Cornerstone’s East Coast master-planned development located on the eastern shores of the East River across from Manhattan. Wells Fargo, M&T Bank, Bank of America and Capital One all played a hand in financing the luxury tower.

“We have an unbelievable team of lenders who have continued to support our organization and our vision for East Coast,” says Jeremy Shell, vice president of acquisitions and finance at TF Cornerstone.

4545 Center Boulevard will have 799,247 square feet of residential space in addition to 12,300 square feet of retail. Indoor amenities at the tower will include a fitness center, children’s playroom and residential lounge. The community will also feature 55,000 square feet of outdoor amenity space featuring tennis courts, volleyball courts, a playground, pool, cabanas and a lawn.

The East Coast master-planned community will include 3,100 residential units upon completion. 4545 Center Boulevard is slated for completion in 2013. TF Cornerstone broke ground on 4615 Center Boulevard and 4540 Center Boulevard in 2010. Those two buildings topped out construction this summer and will begin leasing in early spring 2012.

Greystar lands 1,040-unit management gig

Midland, Texas—Stoneleigh Companies LLC has acquired a four-property portfolio comprised of 1,040 units located in the San Antonio and Midland areas of Texas. The company awarded the management contract to Greystar, who currently manages over 180,000 units across the country.

The four properties include: Waterford Ranch, located in Midland, Texas; Waterford Ridge, located in Schertz, Texas; Waterford Place in New Braunfels, Texas; and Waterford Hills in Charlotte, Texas.

“We’re excited about teaming with Stoneleigh to provide these communities with the service and expertise of our national platform, combined with the deep local market knowledge that’s so critical to the success of each individual community,” says Eddie Yarmer, director of real estate for Greystar. “The Waterford properties will be staffed by the very best real estate professionals, who are specially trained in the discipline of customer service and resident satisfaction.”  

Alliant closes on $2M Fannie Mae refi loan

Orange, Calif.–Alliant Capital LLC announced the $2 million refinance of  a 30-unit garden style multifamily property located in Oakland, Calif.

The Fannie Mae DUS variable-rate loan was closed on Nov. 30, 2011 with a 3.096 percent interest rate and a seven-year adjustable rate term with 30-year amortization. The first three years are interest-only and fully assumable, with a maximum interest rate ceiling of 7.41 percent. In addition, the prepayment penalty is a one-year lock out followed by a 1 percent prepayment thereafter.

This loan can also be converted in years two-five to a FNMA seven or 10-year fixed rate at no cost and no prepayment penalty to the borrower.

“Closing FNMA’s ARM 7-6 to Fixed Program on this complex was challenging due to: a recently completed total rehab of an older building in the Fruitvale District of Oakland, Calif.; a substantial cash-out within 15 months of ownership; and funding was accomplished within three months of the property leasing up after rehab” says Robert Feldman, Alliant’s vice president in San Francisco.

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