Stroock & Stroock & Lavan LLP advised a joint venture managed by Lendlease and L&M Development Partners.
Lendlease and L+M announced the closing of their construction financing for 100 Claremont Avenue. 100 Claremont Avenue is a transformative 354,000-square-foot mixed-use building immersed in the cultural and academic neighborhood of Morningside Heights. With this significant milestone, the team will now continue into the next phase of construction, with an estimated completion date of Spring 2023.
Lendlease and L+M Development Partners, two development companies with deep experience in New York City and across the US, have secured a $250 million construction loan from the global financial services firm Barings, on behalf of its managed accounts. Barings is a global financial services firm and one of the world’s largest diversified real estate investment managers. JLL Senior Managing Director Christopher Peck and Managing Director Scott Aiese arranged the debt financing for the project.
Additionally, the Partnership has pledged $5 million toward the Morningside Heights community to protect and support its neighbors. $1.1 million over the course of five years will go to community groups based in Morningside Heights, including a newly created fund by the Morningside Height Community Coalition at the New York Community Trust called the Morningside Heights Community Fund, and to P.A.’L.A.N.T.E, a group that fights homelessness and the displacement of vulnerable tenants. The remaining $3.9 million pledged will be released at the completion of the project and will enable social justice programming to develop the next generation of community leaders.
Lendlease is a leading international property and infrastructure group with operations in Australia, Asia, Europe and the Americas.
Founded in 1984, L+M Development Partners Inc. has been an innovator in developing quality affordable, mixed-income and market-rate housing, while improving the neighborhoods in which it works.
Barings Real Estate (BRE) offers a broad range of global investment opportunities across the private debt and equity investment markets.
The Stroock real estate team was led by Karen Scanna (Picture) and included partner Ross Moskowitz, special counsel John Egnatios-Beene, associates Elizabeth Akerman and Amanda Fick-Cambria and paralegal Maureen Yuen.
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