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TF Cornerstone lands financing for 505 West 37th Street

Tom and Fred Elghanayan’s TF Cornerstone has secured $374.4 million in financing from the New York State Housing Finance Agency (HFA) for its Hudson Yards rental development at 505 West 37th Street, according to the Commercial Observer.

  • Dig Deeper: The firm is refinancing $374.4 million worth of existing bonds from 2008 and 2009 that funded the project’s construction — the outstanding balance of roughly $378 million that was issued at the time. TF Cornerstone has engaged with Wells Fargo in an agreement for the bank to purchase the bonds directly through a private placement. 
  • Building details: The 835,000-square-foot project consists of two 44-story glass towers, and contains 835 rental units (165 are affordable). It includes around 22,000 square feet of ground floor retail space as well as 900 covered parking spaces. [CO]

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