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TF Cornerstone lands $707M for LIC project

Project will contain 1200 units

Rendering of 52-03 and 52-41 Center Boulevard (Credit: TF Cornerstone)

TF Cornerstone has secured $707 million in financing from NYC’s Department of Housing Preservation and Development (HPD) and Housing Development Corporation (HDC) for their mixed-use project at 52-03 and 52-41 Center Boulevard in Hunters Point South. Funding for the debt came from Wells Fargo, JP Morgan Chase, M&T Bank, and PNC Bank, according to CO and TRD.

Financing breakdown: The package included an $173.3 million mortgage from HPD, plus $282.3 million from HDC for 52-03 Center Boulevard. HDC also provided $245 million for 52-41 Center Boulevard. 

Plans: Upon completion, 52-03 Center Boulevard will span 776,624 SF, while the adjacent property at 52-41 Center Boulevard will total 384,000 SF. The two properties will consist of 1200 apartments, of which 720 will set aside for lower-income residents and 100 for affordable senior housing. 

Worth Noting: The development will also consist of ground floor retail, a day care facility (7,950 SF), and a public park. 

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