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How has TF Cornerstone—and you and Frederick—fared since the split from Rockrose? Well, from our point of view it’s sort

How has TF Cornerstone—and you and Frederick—fared since the split from Rockrose?
Well, from our point of view it’s sort of energized Fred and I, in our end of the company. We’ve actually been very, very active since the division. We’ve taken over the projects we had under construction because we ended up with about 90 percent of the construction staff—because all those people had always worked for Fred, because Fred always ran the construction company. So we ended up with all the projects we had under construction, and we’ve finished them. We’ve finished 1,418 apartments in four buildings, and we rented them out and financed them.

We’ve also been active on the acquisition side. We’ve bought two office buildings in D.C. and we’ve also either acquired or are now negotiating to acquire land in Manhattan where we can build approximately a million square feet. With that, I can tell you it’s on the West Side, in Chelsea and in Hell’s Kitchen—mixed-use, but no condos.

And we’ve done a tremendous amount of financing, too. We’ve completely refinanced our entire portfolio because the interest rates are so low. We’ve done $1.1 billion in refinancings. We never had any mezz debt and things like that; it’s all first-mortgage stuff, and we’ve done $450 million in construction loans so we’ve been very busy.

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