NEW YORK CITY-Walker & Dunlop Inc. said Wedneday that it has provided $120 million in Fannie Mae financing to TF Cornerstone Equities LLC for one of the final two apartment towers in the Queens West development. The 10-year loan, with five years interest-only, was for 45-40 Center Blvd. in Long Island City.
The 345-unit 45-40 Center Blvd. is part of Stage Two of the Queens West Development master plan. When it’s completed, the project will include seven mixed-use residential buildings with 3,000 apartments, 1,825 parking spaces and numerous retail outlets. A completion date of the second quarter of 2014 is projected for Stage Two’s two remaining apartment towers, according to the Queens West Development Corp.
“The financing of 45-40 Center Blvd. in Long Island City was a herculean task by the entire deal team, led by SVP Steven Heller,” says Walker & Dunlop’s president & CEO, Willy Walker, in a release. “From start to finish, this deal was executed flawlessly. 45-40 is a gorgeous property with spectacular views of the Manhattan skyline, and financing such a landmark property for such a renowned developer is just fantastic.”
Along with residential buildings, Stage 2 construction includes a public school, three additional acres of waterfront parkland, and new public streets and utilities, according to QWDC. The neon-lit, 65-year-old Pepsi sign that has been a landmark along the Queens waterfront has been relocated to its permanent location in the northern section of the future parkland, not far from 45-40 Center Blvd.