Updated Dec 4, 2024
TF Cornerstone Secures $121.9M Loan From PNC Bank For Long Island City Multifamily Property
45-40 Center Boulevard, Manhattan, New York 11101, United States
$121,905,000
$391/SF
Building Size
311,266 SF
Asset Type
MultiFamily
Closing
Jul 10, 2022
About this deal
AI
Located in Long Island City, the multifamily property at 45-40 Center Boulevard has recently secured a loan from PNC Bank. The property, managed by TF Cornerstone, spans a total of 311,266 square feet and comprises 345 units. The loan amount for this transaction is $121,905,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $121,905,000
- Address: 45-40 Center Boulevard
- Market: Long Island City
- Square Footage: 311,266
- Units: 345
The loan, provided by PNC Bank, will support the ongoing operations and development of the property. TF Cornerstone, the landlord, plays a key role in managing the property and overseeing its growth.
Players
Long Island City MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93