Updated Sep 24, 2026
Tom Elghanayan Of TF Cornerstone Secures $492.7 Million Refinance From PNC Bank For Multifamily Asset
2-21 Malt Drive
$492,700,000
$585/SF
Building Size
842,064 SF
Asset Type
MultiFamily
Closing
Sep 11, 2026
About this deal
AI
The property asset involved is a multi-family residential building with 812 units located at 2-21 Malt Drive in Long Island City, covering a total square footage of 842,064. The asset was refinanced for a significant amount of $492,700,000.
Summary of transation details:
- Property Type: MultiFamily
- Transaction Amount: $492,700,000
- Loan Type: Refinance
- Lender: PNC Bank
- Landlord: Tom Elghanayan - TF Cornerstone
- Previous Loan Amount: $418,000,000
The refinancing deal was executed by TF Cornerstone, with Tom Elghanayan representing the landlord in this transaction. This refinancing replaces a prior loan provided by Wells Fargo.
On the Map
$492,700,000
$585/SF
MultiFamily
View full map
Players
Malta MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Tom Elghanayan to view all their deals.
Browse Malta multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93