TF Cornerstone is refinancing its recently delivered Long Island City multifamily building, Bud South, for $347.4 million.
The site at 2-20 Malt Drive is a part of a waterfront development that calls for three towers and 1,386 units in total, according to a report from the Commercial Observer. The project is designed to deliver luxury urban-style housing to the Hunter’s Point South neighborhood.
Bud South stands 33 stories and features 575 units (173 affordable) and amenities including a fitness center, a swimming pool, co-working spaces and more than 13,000 square feet of retail.
The loan on the tower was backed by Fannie Mae's Near Stabilization program and provided by M&T Realty Capital Corp. M&T's Michael Casey, Michael Edelman, Joe Pizzutelli and Michael Jean-Pierre originated the deal.
TF Cornerstone said that the refinancing underscores the "strength and depth of our relationship with Fannie Mae and M&T," according to CO.
Bud South is near TF's other LIC properties, including 4540 Center Boulevard and 55-01 Second Street.
In the third quarter, median rents in New York City accelerated by 5.4 percent year-over-year to hit $3,599, according to a report from Realtor. Meanwhile, Queens saw the slowest growth among the metro's five boroughs, at just 2.2 percent, well behind Brooklyn's 6.8 percent surge.
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