TF Cornerstone's Malt Drive tower takes a $74.7M PNC mortgage

PNC Bank has put a $74,716,000 mortgage on the rental complex at 2-21 Malt Drive in Long Island City, the city’s property register shows. The borrower is Bud North LLC, the ownership entity for the north side of TF Cornerstone’s Hunters Point South project. The mortgage is dated Sept. 11 and was recorded Sept. 21.

Why it matters

PNC is a repeat lender on this waterfront. Public financing records list it as the lender behind the sister tower next door, which TF Cornerstone refinanced with M&T last fall. A new PNC mortgage on the north parcel tells lenders and sponsors that bank debt is still moving on stabilized Queens waterfront rental, not just on Manhattan assets.

For a developer sizing a refinance, the useful read is the amount. At $74.7M, this is a modest slice of a lot carrying more than 840,000 sq ft of building. The register entry does not say whether it is a refinance, a second position or a new tranche, so treat it as a lender signal, not a valuation.

The numbers

• Loan: $74,716,000, lender PNC Bank, National Association.
• Borrower: Bud North LLC, a single-asset entity. The sponsor behind it is TF Cornerstone.
• Signed Sept. 11, recorded Sept. 21: ten days from signature to the register.
• Property: tax lot 4-11-1, 2-21 Malt Drive, zoned R7-3, 130,916 sq ft of land and 842,064 sq ft of building area, built 2022 per city lot data.

We computed the ten-day gap from the two dates on the recorded document. We did not see the instrument itself, so terms such as rate, term and any guarantees are not stated here.

What’s next

Watch for a satisfaction or assignment filed against the same lot, which would show whether this debt replaces an older loan. A matching filing on the south tower would show whether PNC is rolling both parcels.

For more filings like this one, see the New York market hub.