PNC Bank Provides $448M Refi on Brooklyn Resi Towers

TF Cornerstone has landed a $448 million permanent loan to refinance a multifamily asset in Brooklyn’s Prospect Heights neighborhood, property records show.

PNC Bank supplied the seven-year, fixed-rate loan that replaces past construction debt on the developer’s newly completed 798-unit apartment complex at 595 Dean Street that debuted last year. The Real Deal first reported the financing. 

M&T Bank provided TF Cornerstone with a $73 million construction loan in 2019 to kick-start the development that is part of the long-awaited Pacific Park Brooklyn megaproject, Commercial Observer reported at the time. Wells Fargo then provided a $385 million construction loan in 2021. 

Located steps from Barclays Center, the 595 Dean Street component of the Pacific Park development includes 23-story and 28-story towers with 30 percent of the apartments designated as affordable housing.

The development features a 15-foot-wide underground passageway that gradually rises to ground level. Amenities along the passageway include a lounge, a coworking area, a screening room, conference rooms, a dog-grooming station and an entrance to Chelsea Piers Fitness.

Officials at PNC Bank and TF Cornerstone did not immediately return requests for comment.

It has been an active week for TF Cornerstone, which on Tuesday announced a $1 billion venture with Dune Real Estate Partners to form Alta Residential, which will support office-to-residential projects in targeted U.S. markets.

Andrew Coen can be reached at acoen@commercialobserver.com