TF Cornerstone Secures $347.4 Million Refinance Loan From Fannie Mae For 2-20 Malt Drive

The property asset involved in this transaction is located at 2-20 Malt Drive in Long Island City and is classified as a multifamily asset. It encompasses a square footage of 589,727 and consists of 575 units. The transaction involves a loan amount of $347,400,000, which is part of a refinance arrangement with a term of 10 years. The lender for this transaction is Fannie Mae.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $347,400,000
• Loan Originator: Michael Casey, Michael Edelman, Michael Jean Pierre & Joe Pizzutelli
• Landlord: TF Cornerstone
• Loan Type: Refinance
• Loan Terms: 10 years
• Market: Long Island City

The key individuals involved in this transaction include Michael Casey, Michael Edelman, Michael Jean Pierre, and Joe Pizzutelli, who served as the loan originators. This financing arrangement is executed on behalf of M&TRCC, and they express their gratitude to TF Cornerstone for their trust in the refinance process concerning Bud South and acknowledge the positive impact of TF Cornerstone in Long Island City.