June 25, 2020
Lendlease and L+M closed on $250 million in construction financing for 100 Claremont Ave., a 354,000-square-foot mixed-use building in Northern Manhattan’s Morningside Heights. The team will now continue into the next phase of construction, with an estimated completion date of spring 2023.
Financing came from Barings, on behalf of its managed accounts. JLL Managing directors Christopher Peck and Scott Aiese arranged the debt financing for the project.
“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, executive general manager at Lendlease.
She continued, “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.”
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