NEW YORK—Walker & Dunlop Inc., based in Bethesda, Md., has provided $120 million in Fannie Mae financing to TF Cornerstone Equities LLC for 45-40 Center Boulevard, a high-rise residentialproperty in Long Island City, N.Y.
The loan was structured with a 10-year term with five years interest only, followed by a 30-year amortization period.
Part of stage two of the Queens Westmaster plan, 45-40 Center Boulevard will be one of seven mixed-use residential buildings. Once completed, the Queens West Development will include 3,000 apartments, retail outlets and 1,825 parking spaces.
The building will includes 345 units and amenities such as concierge, valet services, rooftop terrace and restaurant. Residents will have access to a fitness center.
The property is slated to open early next year.