TF Cornerstone Gets $374M Financing on Hudson Yards Rental Towers – Commercial Observer

TF Eckstein has $ 374.4 million in funding from the New York State Housing Finance Agency (HFA) on the rental development of Hudson Yards in 505 West 37th Street, according to records submitted to the yesterday New York City Treasury Department.

TF Cornerstone is refinancing existing $ 374.4 million bonds that were used to fund construction of the project in 2008 and 2009 – the outstanding balance of approximately $ 378 million issued at the time – and has with Wells Fargo made an agreement to buy the bonds through the bank directly through a private placement, according to a source knowledgeable of the deal.

HFA’s original bond issues were part of the $ 390 million debt financing package provided in July 2008 to facilitate development of the project, which reportedly completed in April 2010 CoStar Group and information from city mortgage records. German commercial bank Helaba – or Landesbank Hessen-Thüringen Girozentrale – Was also involved in funding the project development after an inter-creditor contract was signed with HFA in 2008, records show.

The construction financing in 2008 took place before the brothers Tom and Fred Elghanayan outsourced from the development company Rock rose Founding TF Cornerstone in 2009.

Designed by Handel ArchitectsThe 835,000-square-foot Class A project includes two 44-story glass towers – located between 10th and 11th Streets at 505 West 37th Street in Hudson Yards. According to CoStar data, the development comprises around 22,000 square meters of retail space on the ground floor and 900 covered parking spaces. It’s also close to the Jacob K. Javits Center as well as Baryshnikov Arts Center.

There are tenants at the site Corporate parking and Clyde Fraziers Wine & Dine, among other. Clyde Frazier’s is a restaurant and bar that rented over 10,000 square feet on the ground floor in April 2011 but is currently closed due to current circumstances related to the pandemic.

The rental tower sport Studio, one, two and three bedroom apartments. According to the CoStar Group, 165 of the 835 units are considered to be affordable, restricted-rent apartments. In the spring of 2018, the waiting list for the affordable housing units for the households that make money was officially opened 40 percent of the region’s median income.

The property has over 18,000 square feet of outdoor space including a landscaped roof terrace and sundeck. Additional amenities include a fitness center and grand piano lounge. It also has one Homework Coworking space according to the TF Cornerstone website.

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