Lendlease and L+M secure $250m financing for mixed-use scheme in US

WCN Editorial Team 26 Jun 2020 NORTH AMERICA BUILDINGS

Lendlease and L+M have secured $250m financing from the financial services firm Barings for the construction of a mixed-use academic and residential project in New York, US.

The 354,000ft² mixed-use scheme, 100 Claremont Avenue, is planned to be built in Morningside Heights, a residential neighbourhood in Manhattan.

The latest financing will allow the firms to advance with the next phase of construction for the project.

Lendlease executive general manager Melissa Román Burch said: “The commitment and fortitude of our financial, academic and neighbourhood partnerships have enabled us to move forward with the financing and construction of this unique project, despite the many uncertainties stemming from Covid-19.

“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 neighbourhood, while also continuing our investment in the local community.”

Planned for completion by early 2023, the 100 Claremont Avenue building is designed by New York-based architecture firm Robert A M Stern Architects.

The scheme will feature around 54,000ft² of modern classrooms, academic offices and faculty-designated apartments.

It will also comprise around 165 condominium residences, including one-, two-, three- and four-bedroom units.

Barings managing director and head of construction lending Justin Preftakes said: “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.”

Last year, Lendlease secures approval from the state government of New South Wales (NSW) in Australia for a new 30-storey residential and retail development at Barangaroo.

The LendLease tower in the Townsville Central Business District in Australia. (Credit: Greditdesu/Wikipedia)

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