Life sciences demand propels NYC redevelopment project forward
JLL Capital Markets secured $393M in financing to redevelop 125 West End Ave. in Manhattan s West Side cluster
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NEW YORK, March 17, 2021 /PRNewswire/ JLL Capital Markets announced today that it has arranged a $393 million construction financing for the redevelopment of 125 West End Ave. into a world-class life sciences facility in the West Side cluster of Manhattan.
photo credit: Viewpoint Studios
JLL worked on behalf of the borrower, a partnership controlled by Taconic Partners and Nuveen Real Estate, to secure a four-year, floating-rate senior loan through funds managed by Apollo Global Management, Inc. and a mezzanine loan through Oaktree Capital Finance. The same JLL team also arranged $181 million in acquisition and bridge financing for 125 West End and the surrounding campus in Fall 2019.
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A rendering of 125 West End Avenue, Nuveen Real Estate managing director Nadir Settles and Taconic co-CEOs Charlie Bendit and Paul Pariser (Photos via Taconic, Nuveen)
A major life sciences hub on the Upper West Side has completed a $600 million recapitalization.
Taconic Partners, in partnership with Nuveen Real Estate, has been at work to transform an office building at 125 West End Avenue, and recently secured $393 million in construction financing from Apollo Global Management and Oaktree Management, the Commercial Observer reported. In addition, as part of a $600 million capitalization, LaSalle Investment Management has joined the project as an $207 million equity partner.