TF Cornerstone Closes on $100M Loan from AXA Equitable
TF Cornerstone just landed a 15-year, fixed-rate $100M loan with AXA Equitable Life Insurance Co for permanent financing on an office building at 387 Park Ave S. The loan, which was arranged with the help of Andrew Singer of The Singer & Bassuk Organization, covers $20M in recent upgrades like a three-story retail glass facade; new entrances, lobbies and high-speed elevators; a 1,700 SF glass skybox conference room with a terrace; and future expenditures.
TF purchased the 12-story, 230k SF building in 2005 for $68M, and moved its headquarters there in 2011. Tenants include Citi Habitats and Paris-based online advertising firm Criteo. The building is 80% leased. [CO]