L+M, Lendlease snag $250M loan for UWS tower

Mixed-use project at 100 Claremont Avenue will be part of the Union Theological Seminary

New York /
Jun.June 26, 2020 12:00 PM
A rendering of 100 Claremont Avenue, Melissa Burch of Lendlease and Ron Moelis of L+M Development Partner (Getty, Robert A.M. Stern Architects)

A rendering of 100 Claremont Avenue, Melissa Burch of Lendlease and Ron Moelis of L+M Development Partner (Getty, Robert A.M. Stern Architects)

Ron Moelis’ L+M Development Partners and Lendlease are moving forward with a 42-story tower in Morningside Heights.

The joint venture scored a $250 million construction financing package from Barings for a mixed-use development at Columbia University-affiliated Union Theological Seminary, Commercial Observer reported. The tower at 100 Claremont Avenue will be attached to the seminary, which sold the air rights to L+M in 2018.

JLL’s Christopher Peck and Scott Aiese brokered the financing for L+M and Lendlease.

The Robert A.M. Stern Architects-designed project will span about 354,000 square feet overall, including about 54,000 square feet for classrooms, administrative and faculty offices. The larger share of the project — a 42-story tower — will house 165 market-rate condominiums.

The joint venture also set aside $5 million to invest in the surrounding neighborhood of Morningside Heights, with plans to spend $1.1 million over the next five years, and the remaining $3.9 million after the project is completed.

Demolition for the project began last October, and it is slated for completion in 2023. [CO] — Georgia Kromrei


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
From left: 909 Third Avenue, 79 Fifth Avenue, 240 West 37th Street and 27 East 62nd Street (VNO, Cercone Exterior Restoration, Google Maps)
These were the largest Manhattan real estate loans in April
These were the largest Manhattan real estate loans in April
C-PACE gives landlords and developers cheap financing in exchange for making energy efficient improvements. (Getty)
Landlords can now retroactively tap financing tool for energy improvements
Landlords can now retroactively tap financing tool for energy improvements
(iStock)
Brooklyn construction union boss convicted in bribery scheme
Brooklyn construction union boss convicted in bribery scheme
11 East 26th Street with Henry and Justin Elghanayan (Google Maps, Getty)
Rockrose investment values Nomad office building at $235M
Rockrose investment values Nomad office building at $235M
Jamie Dimon, Steve Roth, Donald Trump and 555 California St. (Trump, Getty)
Vornado lines up $1.2B refi of SF tower co-owned with Trump
Vornado lines up $1.2B refi of SF tower co-owned with Trump
Ron Perelman and 35-39 East 62nd Street (Getty, Google Maps)
Big discounts on sale of Perelman properties and loans
Big discounts on sale of Perelman properties and loans
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...