New Brooklyn Project Rising with $250 Million Bond Deal Led by M&T Bank

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Dec 12, 2014, 11:00 ET

NEW YORK, Dec. 12, 2014 /PRNewswire/ -- A new mixed-use development in Brooklyn, featuring 714-residential units and 57,700-square-feet of retail space, has been financed with $250 million of New York State Housing Finance Agency bonds backed with a letter of credit led by M&T Bank.

The project at 33 Bond Street in Brooklyn – near where the Downtown Brooklyn, Fort Greene and Boerum Hill neighborhoods converge – is being developed by New York City-based TF Cornerstone Inc. The Bank of New York Mellon is co-leading the M&T-led syndicated loan.

The 25-story building will include 571 market-rate units and an additional 143 affordable housing units. The project is currently scheduled to be completed in the summer of 2016.

"Brooklyn continues attracting strong interest from developers as they see further market demand for both new residential units and retail stores. We believe this will be another successful new project that will be well received in the market," said M&T Bank Regional President Peter D'Arcy.

M&T Bank, which operates a New York City regional headquarters at 350 Park Avenue, has more than 30 years of experience as a commercial real estate development lender in New York City. The bank has a commercial real estate loan portfolio of more than $8 billion in the New York City area.

The 57,700-square-feet of new retail space includes two prominent corner store locations at the intersection of Bond and Livingston. Retail in Downtown Brooklyn has experienced a boom as the residential expansion and entertainment outlets have increased foot traffic nearby along Fulton Street Mall.

About TF Cornerstone Inc.
TF Cornerstone Inc. is focused on acquisition, development, construction and management of fine residential, commercial and retail properties. TFC's property portfolio includes a solid, fully-operational collection of Class A, luxury residential buildings, modern office spaces and highly visible retail locations totaling over 8 million square feet throughout New York City and Washington, D.C

About M&T Bank
M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.

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SOURCE M&T Bank