M&T Realty Capital Supplies $347M Refi for Long Island City Resi Tower 

TF Cornerstone has nabbed $347.4 million of agency-backed debt to refinance a newly constructed multifamily tower in Long Island City, Queens, Commercial Observer has learned.

M&T Realty Capital Corporation (M&TRCC) provided the loan backed by Fannie Mae’s Near Stabilization program for the 575-unit Bud South property that opened in 2024 as part of a three-tower waterfront development. 

The development, at 2-20 Malt Drive, is near other Long Island City multifamily projects the developer has built at 55-01 Second Street and 4540 Center Boulevard. 

Located in Long Island City’s Hunters Point South neighborhood, the 33-story Bud South building has community amenities that include a fitness center, an outdoor swimming pool, and coworking spaces. The property also features more than 13,000 square feet of retail space.

The transaction was originated by M&TRCC’s Michael Casey, senior vice president; Joe Pizzutelli, head of national production; Michael Jean-Pierre, head of capital markets; and Michael Edelman, CEO and president. 

Casey said in a statement that TF Cornerstone has brought “continued positive change” to Long Island City. Casey also noted that the deal marks the fifth and largest agency financing between M&TRCC and TF Cornerstone since 2018.

A TF Cornerstone spokesperson said the agency deal “reflects the strength and depth of our relationship with Fannie Mae and M&T” while noting that 173 of the units were designated as affordable housing. 

Andrew Coen can be reached at acoen@commercialobserver.com.