TF Cornerstone signs $347.4M refi with M&T for newly built 575-unit rental in LIC

TF Cornerstone through the entity Bud South LLC as borrower signed a refi loan with lender M&T Bank through the entity M&T Realty Capital Corporation valued at $347.4 million for the 575-unit residential elevator building (D6) at 2-20 Malt Drive in Long Island City, Queens.

The building was built under the job number, 421133641, which called for a 575-unit, 499,285 square-foot residential (R-2) building. The project was submitted by TF Cornerstone and filed by Bruce Weill with plans filed December 14, 2020 and permitted March 1, 2022. It received its initial temporary certificate of occupancy August 14, 2024.
The deal closed on October 31, 2025 and was recorded on November 7, 2025. The prior lender was PNC Bank which held debt that had an original loan amount of $307 million. The property has 589,727 square feet of built space and 387,101 square feet of additional air rights for a total buildable of 977,530 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $589 and the price per buildable square foot is $355 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for TF Cornerstone was Jeremy Shell . The signatory for M&T Bank was Wendy LeBlanc . This is a takeout of a construction loan.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Kamran Elghanayan, head officer and Frederick Elghanayan, officer. The business entities are Tf Cornerstone Inc. and Bud South Llc. The 589,727-square-foot property generated revenue of $23.1 million or $39 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 575 residential units in Long Island City has 589,727 square feet of built space and 387,101 square feet of additional air rights for a total buildable of 977,530 square feet according to a PincusCo analysis of city data. The parcel has frontage of 635 feet and is 530 feet deep with a total lot size of 195,506 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $55.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received four DOB violations and $25 in OATH penalties in the last year.

Development

The block

On this tax block, PincusCo has identified the owners of two of the three commercial properties representing zero square feet of the zero square feet. The identified owner is Tf Cornerstone.
On the tax block, there were two new building construction projects totaling 1,223,016 square feet. The largest is a 812-unit, 723,731 square-foot residential (R-2) building submitted by TF Cornerstone and filed by Bruce Weill with plans filed December 14, 2020 and permitted March 3, 2022. The second largest is a 575-unit, 499,285 square-foot residential (R-2) building submitted by TF Cornerstone and filed by Bruce Weill with plans filed December 14, 2020 and permitted March 1, 2022.

The majority, or 0 percent of the 0.0 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Tf Cornerstone owned at least 35 commercial properties with 11,143 residential units in New York City with 12,099,366 square feet and a city-determined market value of $3.3 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 86 percent of the 12,099,366 square feet of built space are elevator properties, with office properties next occupying 7 percent of the space. The bulk, or 54 percent of the built space, is in Manhattan, with Queens next at 33 percent of the space.

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