TF Cornerstone refinances Hudson Yards debt through $374M in bonds

TF Cornerstone through the entity 505 West 37 LLC as borrower signed a loan agreement for $374.4 million secured by one parcel, including the tax class multifamily, luxury type (D8) and containing 835 residential units at 505 West 37th Street in Hudson Yards. The deal closed on May 28, 2020 and was recorded on June 3, 2020.
The property contains a total of 807,316 square feet of built space.
The average loan per unit is $448,383.
The New York State Housing Finance Agency issued $374.4 million in bonds to repay bonds issued in 2008 and 2009. Wells Fargo Municipal Capital Strategies is buying the tax-exempt bonds and Wells Fargo Bank is buying the taxable bonds.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 855 residential (or hotel) units on August 31, 2012.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1,234,400.There has been one new building permit application totaling square feet. Those plans include a total of 835 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link