TF Cornerstone landed a $384 million construction loan for its 80/20 rental development at 606 West 57th Street from a consortium of banks led by Wells Fargo, Mortgage Observer can exclusively report.
“We’ve been working on this project for almost four years now,” said Jeremy Shell, TF Cornerstone’s head of finance and acquisitions. “With that came structuring a ground lease and taking the project through ULURP beginning in the prior administration and coming to a close in the new administration. We closed on the financing and are now focused on getting the project completed.”
606W57 Plans: Building Construction Complete in 2017
Demolition on an existing garage structure and shuttered car dealership is set to commence before the year’s end. TF Cornerstone will begin construction on the project in the first quarter of 2015 and expects the rental building to be completed in the spring of 2017.