Construction companies Lendlease and L+M Development Partners have secured a $250m loan to finance a mixed-use academic and residential project in New York, the US.

The two companies are building a 354,000ft² property at 100 Claremont Avenue in Morningside Heights, a residential neighbourhood in Manhattan.

The loan amount, received from the global financial services firm Barings, will enable the team to advance with the next phase of construction.

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.”

Designed by Robert A M Stern Architects, the 100 Claremont Avenue building will feature around 54,000ft² of modern classrooms, academic offices and faculty-designated apartments.

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

The project is expected to be completed by early 2023.

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.”

Headquartered in Australia, Lendlease operates as an international property and infrastructure group. It employs around 13,000 people globally.

Last year, the company was named as a partner for the £1.5bn ($2.7bn) Birmingham Smithfield site redevelopment project in the UK.