T
F Cornerstone has successfully completed a project at the southeastern end of Pacific Park, formerly known as Atlantic Yards. The developer secured a $448 million permanent loan from PNC Bank to finance its 798-unit project at 595 Dean Street, which is fully leased with only seven apartments available for rent.
The new financing replaces previous construction loans and is secured by the project's three components: rental apartments, a parking garage, and commercial space. The residential units make up 78% of the condominium. TF Cornerstone, led by Tom and Fred Elghanayan, has built two residential towers with income-restricted units, qualifying for the 421a property tax break.
The site was previously home to an industrial baking plant, and project designer Handel Architects incorporated elements from the factory into the public green space. The development also features a field between the towers, outdoor spaces exclusively for tenants, and commercial space leased by Fujian restaurant Nin Hao and Chelsea Piers Fitness gym.
