Long Island City, NY — M&T Realty Capital Corporation (MTRCC) has closed a $204,945,000 Fannie Mae loan for 46-10 Center Blvd., an iconic LEED-certified residential property in Long Island City. The property, owned by TF Cornerstone, features 584 units with studio, one-, two-, and three-bedroom residences, along with a ground-floor retail unit encompassing 7,733 s/f and an additional 2,200 s/f of outdoor space.
The 46-10 Center Boulevard building’s sustainable design is reflected in its LEED certification, emphasizing environmental responsibility and energy efficiency.
Financing Details
Loan Type: Fannie Mae
Loan Amount: $204.945M
Loan Term: Structured with a 35-year amortization schedule and full-term interest-only (FTIO) payments
Loan Originator: Michael Casey, VP, M&T RCC Loan Originations; NYC Office Borrower: TF Cornerstone
The transaction was sourced directly through an existing M&T client relationship. The M&T RCC capital markets team, led by Michael Jean Pierre, played a pivotal role in streamlining the process, achieving a rate lock on the Fannie Mae loan terms within 24 hours of issuing the term sheet. This rapid execution was critical in a competitive 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 Michael Casey, VP of M&T RCC Loan Originations. “The full-term IO offered by Fannie Mae, combined with the 35-year amortization, provided the borrower with a highly competitive financing structure. I’d like to thank Michael Jean Pierre, Head of M&T RCC Capital Markets, for his instrumental role in locking the transaction rate within hours post-application.”