Alchemy-ABR nabs $250M loan for spec office tower project

Partner Cain International provided much of $80M in equity for Billionaires’ Row development

New York /
Jun.June 25, 2021 03:00 PM
Alchemy ABR’s Kenneth Horn and Brian Ray, Cain's Jonathan Goldstein and Calvary Baptist Church (Google Maps, Getty)

Alchemy ABR’s Kenneth Horn and Brian Ray, Cain’s Jonathan Goldstein and Calvary Baptist Church (Google Maps, Getty)

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





    Related Articles

    arrow_forward_ios
    Developer abandons troubled Hamilton Heights rezoning proposal
    Developer abandons troubled Hamilton Heights rezoning proposal
    Developer abandons troubled Hamilton Heights rezoning proposal
    Damac Properties founder Hussain Sajwani and the Surfside collapse site (Damac, Getty)
    Dubai developer revealed as $120M bidder for Surfside collapse site
    Dubai developer revealed as $120M bidder for Surfside collapse site
    Vorea, Domain and L+M close on $88M LIC development site
    Vorea, Domain and L+M close on $88M LIC development site
    Vorea, Domain and L+M close on $88M LIC development site
    Macklowe Properties CEO Harry Macklowe, CIM Group Co-Founder Richard Ressler and 432 Park Avenue (Getty, CIM)
    432 Park Avenue residents sue developers for $250M
    432 Park Avenue residents sue developers for $250M
    15 Hanover Place in Brooklyn (Google Maps)
    Lonicera Partners developing 314-unit building in Brooklyn
    Lonicera Partners developing 314-unit building in Brooklyn
    Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B
    Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B
    Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B
    Longfellow Real Estate Partners CEO Adam Sichol with renderings of 310 East 67th Street (Friends UES, Rendering by DBOX, Longfellow)
    Blood Center rezoning on Upper East Side approved
    Blood Center rezoning on Upper East Side approved
    220 Central Park South and Arel Capital’s Richard Leibovitch (Arel, Robert A.M. Stern Architects)
    Arel Capital’s Richard Leibovitch sells 220 Central Park South unit for $33M
    Arel Capital’s Richard Leibovitch sells 220 Central Park South unit for $33M
    arrow_forward_ios

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

    Loading...