JV Secures $250M in Financing for NYC Multifamily and Academic Project
Lendlease and L+M secured the construction loan for a 354,000-square-foot, mixed-use building in Morningside Heights.
NEW YORK CITY – Lendlease and L+M Development Partners have closed on $250 million in construction financing for a transformative, 354,000-square-foot, mixed-use building within Manhattan’s Morningside Heights neighborhood.
The two development companies secured the construction loan from global financial services firm, Barings, on behalf of its managed accounts. With the secured financing, the partnership will continue into the next phase of the development’s construction.
With a completion date slated for Spring of 2023, the residential and academic building at 100 Claremont Ave will feature 54,000 square feet of modern classrooms, academic offices and faculty-designated apartments once fully-constructed. The building will also comprise 165 condominium residences, featuring one-, two-, three- and four-bedroom units.
Designed by New York architecture firm, Robert A.M. Stern Architects, the building targets LEED gold certification and V2 of the WELL Building Standard.
The partnership has additionally pledged $5 million to protect and support the Morningside Heights community. Over the course of five years, $1.1 million will go toward community groups based in the neighborhood, including the Morningside Heights Community Fund, a newly created fund by the Morningside Height Community Coalition at the New York Community Trust, and P.A.’L.A.N.T.E, a group dedicated to fighting homelessness and the displacement of vulnerable tenants. The remaining $3.9 million will be released at the completion of the project; aiming to enable social justice programming for the next generation of community leaders.
JLL senior managing director, Christopher Peck and managing director, Scott Aieses arranged the project’s debt financing.
“The commitment and fortitude of our financial, academic and neighborhood partnerships have enabled us to move forward with the financing and construction of this unique project, despite the many uncertainties stemming from COVID-19,” said Melissa Román Burch, Lendlease executive general manager. “With Barings, we have a dedicated financial partner that will allow us to deliver much needed classrooms and housing for both the academic community and the broader Morningside Heights neighborhood, while also continuing our investment in the local community.”
“100 Claremont is an exciting project led by a strong team of developers. We are eager to see construction of this project progress now that the financing has been secured,” said Justin Preftakes, managing director and head of construction lending at Barings.
