TF Cornerstone obtained financing of $250M from Wells Fargo, Bank of America, JPMorgan Chase Bank

TF Cornerstone through the entity 230 Pas SPE LLC as borrower signed a mortgage and consolidation with lenders Wells Fargo, Bank of America, JPMorgan Chase Bank valued at $250.0 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 230 Park Avenue South in Flatiron. The deal closed on September 11, 2019 and was recorded on September 12, 2019.
The property contains a total of 350,000 square feet of built space.
The average loan per buildable square foot is $714.
The loan package includes $179 million in new debt on top of $71 million in debt previously held by the German bank Helaba and assigned to Wells Fargo. The media company Discovery Inc. signed a lease for the entire building, as the Commercial Observer reported last year, and the landlord planned to spend $40 million in upgrades. As part of that deal, TF Cornerstone bought out the remaining portion of the lease of e-commerce mattress retailer Casper Sleep Inc. for $1.6 million, city records show. That lease was set to expire in 2021. The last time the property sold was September 27, 2007, for $228,850,000.

Over the past five years, there have been 30 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $8,200,000. There were 29 renovation/alteration projects (A2) applied for with a total estimated value of $11,394,360.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.