Walker & Dunlop, Inc. announced today that it recently provided $120,000,000 in Fannie Mae financing to TF Cornerstone Equities, LLC, for 45-40 Center Boulevard, a high-rise residential multifamily property, located in Long Island City, NY. The loan was structured with a 10-year term with 5-years interest only, followed by a 30-year amortization period.
45-40 Center Boulevard is part of Stage Two of the Queens West Development master plan which, once completed, will include seven mixed-use residential buildings, 3,000 apartments, 1,825 parking spaces and numerous retail outlets. The building features 345 units with luxury amenities including a concierge, valet services, a rooftop terrace/garden, and a full-service restaurant on the ground level. In addition, residents will have access to the East Coast Club, a top-of-the-line fitness center, adjacent to the building and scheduled to open in early 2014.
Walker & Dunlop President & CEO, Willy Walker , commented, “The financing of 45-40 Center Boulevard in Long Island City was a herculean task by the entire deal team, led by Steven Heller – from start to finish, this deal was executed flawlessly. 45-40 is a gorgeous property with spectacular views of the Manhattan skyline and financing such a landmark property for such a renowned developer is just fantastic.”
Walker & Dunlop Senior Vice President, Steven Heller led the Walker & Dunlop team.