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L&L Holding Co. and Columbia Property Trust have secured $1.25 billion in construction financing for the renovation of the Terminal Warehouse, putting in motion the restoration and transformation of the 1.2 million square-foot office, retail and self-storage facility into a workplace and retail destination in Manhattan’s West Chelsea neighborhood.

Vehicles managed by the Blackstone Real Estate Debt Strategies platform led the $974 million senior loan and senior mezzanine loan financing with Goldman Sachs and KKR participating, while funds managed by Oaktree Capital Management, L.P. led the $274 million junior mezzanine financing in partnership with Paramount Group.  With the loan package—the largest construction financing to date in New York City this year, according to the companies—now secured, L&L and Columbia are ready to begin major construction. 

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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