TF Cornerstone has lined up $380 million in construction financing from a syndicate led by Wells Fargo and PNC Bank for its 800-unit multi-family development at 595 and 615 Dean Street in Prospect Heights, CMA first reported. BankUnited, BNY Mellon, and Capital One are also participating.
Dig Deeper: Upon completion, the Pacific Park project will consist of 650,966 SF of residential space, 72,600 SF of public open space, a ground-floor retail component (8,397 SF), 455 underground parking spaces, and a Chelsea Piers Field House.
Flashback: The family firm, led by Fred and Tom Elghanayan, acquired the two-parcel site from Greenland Forest City for $143.1 million in 2019, and concomitantly secured a $75 million acquisition loan from M&T Bank.
Technical detail: TF Cornerstone is technically taking over the leases with Empire State Development Corporation.However, the leases will convert into full fee simple ownership upon completion of the construction.[CMA+CO]
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