Taconic Investment and Nuveen Land $181M Redevelopment Loan
Taconic Investment Partners and Nuveen Real Estate have secured a $181 million LoanCore Capital loan to fund the redevelopment of 125 West End Ave.
NEW YORK CITY – Taconic Investment Partners and Nuveen Real Estate have secured a $181 million LoanCore Capital loan to fund the redevelopment of 125 West End Ave., a 484,774-square-foot, two-building Campus that occupies the entire block along West End Avenue from West 65th Street to West 66th Street.
The floating rate-acquisition and bridge loan will fund the repositioning of the property, which sits on a 2.3-acre lot and formerly served as a Chrysler automotive facility when it was built in 1929.
The campus comprises 380,190-square-foot at 125 West End Avenue and 104,584 square feet at 20 West 66th Street and has an additional 105,575 square feet of development rights on Lot 61, the parcel adjacent to 125 West End Avenue and 320 West 66th Street.
The seven-story building at 125 West End Avenue features oversized windows, ceiling heights of 13’3’’ to 15’9” for natural light and air, floor load capacity greater than surrounding buildings in the submarket, and large open floor plates sized between 37,000 to 50,000 square feet.
Built in 1985, the five-story 320 West 66th Street served as studios and has ceiling heights ranging from 11’ to 30’, and has column-free space with a 22,000-square-foot floor plate that is broken up into two distinct television studio spaces.
Property features also include multiple roof setbacks, large floor plates, freight elevators, ceiling heights, floor loads, multiple vehicular access points and multiple loading docks that offer tenants direct loading.