K. Thomas Elghanayan & Fred Elghanayan Secure $204.9M Fannie Mae Loan For 46-10 Center Boulevard
46 10 Center Boulevard
$204,945,000
Building Size
—
Asset Type
Mixed-use
Closing
Feb 3, 2025
AI
The asset involved in the transaction is 46 10 Center Boulevard, located in the Long Island City market. This property includes a combination of multifamily and retail spaces, featuring 584 residential units alongside 9,933 square feet of retail and outdoor space. The secured loan amount for this asset is $204,945,000, structured with a 35-year amortization schedule and full-term interest-only payments.
Summary of transaction details:
- Property Type: Multifamily & Retail
- Transaction Amount: $204,945,000
- Lender: Fannie Mae
- Landlord: K. Thomas Elghanayan & Fred Elghanayan - TF Cornerstone
- Brokers: Michael Casey & Michael Jean Pierre - M&T Realty Capital Corporation
This transaction was facilitated by M&T Realty Capital Corporation, which played a crucial role in arranging the financing for TF Cornerstone's LEED-certified property. The brokers representing the deal were Michael Casey and Michael Jean Pierre, who contributed their expertise in securing the Fannie Mae loan on this significant multifamily and retail development.
Players
Long Island City Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93