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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