The New York State Housing Finance Agency (HFA) and Wells Fargo Bank have provided $374 million in debt financing for TF Cornerstone’s Midtown Manhattan apartment property 505 W. 37th St. The new loan replaces the $374 million in bond financing that the HFA issued in June 2008 to enable the project’s development, according to Yardi Matrix data.
Commercial Observer first reported on the new transaction, which TF Cornerstone confirmed to Multi-Housing News. “The long-term fixed-rate loan sets this project up for stability and future success,” said Laura Murphy, the developer’s director of finance, in an emailed statement.
Completed in 2010, the 835-unit property comprises two glass towers of 36 and 45 stories, located between 10th and 11th Avenues in the Hudson Yards neighborhood. The project was developed under Section 42 Low-Income Housing Tax Credit (LIHTC) provisions and features a mix of one-, two- and three-bedroom units, including 165 rent-restricted affordable apartments.
Units come with energy-efficient floor-to-ceiling windows and many apartments also have high ceilings, private balconies and walk-in-closets. Designed by Handel Architects, 505 W. 37th St. also includes a Sky Club, a second lounge, a fitness center and more than 18,000 square feet of outdoor amenity space. The site is just east of the Javits Center and a few blocks north of the Hudson Yards mega-project.
Elsewhere in the city, TF Cornerstone is developing the second phase of Hunters Point South, a mixed-income master-planned community in Long Island City. The new high-rise along the East River will bring 1,194 residential units to the neighborhood in Queens.
