TF Cornerstone, Trinity Place Holdings borrow $83M from M&T Realty Capital for acquisition of rental property in Williamsburg

TF Cornerstone and Trinity Place Holdings through the entity 250 N 10 Owner LLC as borrower signed a loan agreement with lender M&T Realty Capital Corporation valued at $82.8 million for 1 parcel, including the tax class multifamily, luxury type (D8) and containing 234 residential units at 250 North 10th Street in Williamsburg. The deal closed on January 15, 2020 and was recorded on January 21, 2020.
The property contains a total of 241,764 square feet of built space.
The average loan per unit is $353,632.
This was an acquisition loan. TF Cornerstone and Trinity purchased the building from Nuveen for $137.5 million at the same time as this loan. Nuveen had no debt on the building, so the entire $82.75 million loan was taxed, totaling $2.3 million. The last time the property sold was May 1, 2015, for $169,000,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 234 residential (or hotel) units on May 29, 2014.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link