K. Thomas Elghanayan & Fred Elghanayan Secure $204.9M Fannie Mae Loan For 46-10 Center Boulevard

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.