L+M, Lendlease snag $250M loan for UWS tower
Mixed-use project at 100 Claremont Avenue will be part of the Union Theological Seminary
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