LoanCore lends Taconic, Nuveen $181M on West End Campus buy

Partners paid $230M for slice of ABC’s former UWS campus

TRD NEW YORK /
Oct.October 31, 2019 04:23 PM
LoanCore Capital's Mark Finerman and 125 West End Ave (Credit: Google Maps)

LoanCore Capital’s Mark Finerman and 125 West End Ave (Credit: Google Maps)

LoanCore Capital lent $181 million to Taconic Investment Partners and Nuveen to finance their purchase of “West End Campus” that used to be part of the ABC portfolio.

The Washington, D.C.-based real estate investment trust provided the financing for the buyers’ $230 million purchase of the campus from Silverstein Properties, property records filed with the city Thursday show. The deal closed on Wednesday.

A representative for LoanCore was not immediately available to comment.

A JLL team of Evan Pariser, Geoff Goldstein, Jackie Ferrer and Sophie Cohen arranged the debt.

Silverstein hired a team at Eastdil Secured led by Gary Phillips, Jeff Organisciak and Brett Siegel (the latter of whom has since moved to Newmark Knight Frank) to sell three properties — 125 West End Avenue, 320 West 66th Street and a property known as Lot 61 — which represent a small portion of the campus Silverstein acquired from ABC last year for $1.2 billion.

Taconic and Nuveen, meanwhile, are reportedly in contract to buy the ground lease on the 2 Hudson Square development site, which has about 300,000 square feet of development rights.

The two investors administer a fund together, which last year purchased a Hell’s Kitchen office building at 440 Ninth Avenue from Unizo Holdings for $269 million.


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