TF Cornerstone signs $448.3M refi for 798-unit rental in Prospect Heights
TF Cornerstone through the entity 595 Dean LLC as borrower signed a refi loan with lender PNC Bank valued at $448.3 million for the 798-unit rental complex at 595 Dean Street in Prospect Heights, Brooklyn.
The deal closed on November 25, 2024 and was recorded on December 2, 2024. The prior lender was Wells Fargo which held debt that had an original loan amount of $385 million. The 869,038-square-foot project is divided into three commercial condominium units, residential, commercial and parking.
The signatory for TF Cornerstone was Jeremy Shell. The signatory for PNC Bank was Tara Suaya.
The block
On the tax block of 595 Dean Street, PincusCo has identified the owners of one of the three commercial properties representing 869,038 square feet of the 869,038 square feet. The identified owner is Tf Cornerstone.
On the tax block, there were three new building construction projects totaling 1,522,440 square feet. The largest is a 798-unit, 921,290 square-foot residential (R-2) building submitted by TF Cornerstone and filed by Bruce Weill with plans filed October 21, 2019 and permitted June 1, 2020. The second largest is a 246-unit, 317,182 square-foot residential (R-2) building submitted by Greenland Group and filed by Robert Sanna with plans filed May 27, 2015 and permitted November 13, 2015.
The majority, or 100 percent of the 869,038 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.
The borrower
The PincusCo database currently indicates that TF Cornerstone owned at least 30 commercial properties with 11,143 residential units in New York City with 10,740,078 square feet and a city-determined market value of $2.7 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 97 percent of the 10,740,078 square feet of built space are elevator properties, with office properties next occupying 3 percent of the space. The bulk, or 52 percent of the built space, is in Manhattan, with Queens next at 37 percent of the space.
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