After closing on its purchase of Calvary Baptist Church’s property on Billionaires’ Row, a joint venture landed $250 million in financing for its planned spec office tower development.
Alchemy-ABR Investment Partners and equity partner Cain International secured the debt as part of a $330 million capitalization to redevelop the space, Commercial Observer reported. The loan will finance demolition of the site at 123-141 West 57th Street and construction of the 26-story tower.
Cain supplied the majority of the deal’s $80 million in equity, Ackman-Ziff Real Estate Group president Simon Ziff told the publication.
The church, at 125 West 57th Street, will retain ownership of the building’s base and house its facilities there. That portion will receive a facelift as part of the overall redevelopment plan. The new tower will be 260,000 square feet.
The $120 million property acquisition closed last week after a 15-month pandemic-related setback. The total cost of the project is said to be $350 million.
[CO] — Suzannah Cavanaugh