TF Cornerstone signs $385M construction loan with Wells Fargo for 800-unit project in Prospect Heights

TF Cornerstone through its 595 Dean LLC as borrower signed a construction loan with lender Wells Fargo valued at $385 million for the 800-unit development at 595 Dean Street in Prospect Heights, Brooklyn.
The deal closed on June 24, 2021 and was recorded on July 14, 2021.

The financing is composed of a $337.3 million building loan and a $47.7 million project loan for the 800-unit, two tower project. At the same time as the loans, TF Cornerstone signed a ground lease with the state that will convert into a fee ownership for TF Cornerstone after “substantial completion” of the project. Yimby reported in February that the foundations were underway for the project.  The financing was exempt from mortgage recording taxes, which would have totaled approximately $10.8 million. There is no land loan.
(321595403) Plans for a 798-unit, 921,290 square-foot R-2 were filed on October 21, 2019 and were permitted on November 9, 2020.

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