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Barings Provides $250M Construction Loan for Academic, Residential Building in Manhattan

100-claremont-nyc

The building is located at 100 Claremont.

NEW YORK CITY — Barings LLC has provided a $250 million construction loan for a 345,000-square-foot academic and residential building in the Morningside Heights neighborhood of Manhattan. A partnership between Australian developer Lendlease and New York-based L+M Development Partners Inc. was the borrower. Located at 100 Claremont, the 41-story building will feature 165 residential condominiums, 54,000-square-feet of academic space for the Union Theological Seminary and 49,000-square-feet of faculty housing. The condominium residences will include a mix of one-, two-, three- and four-bedroom units. Robert A.M. Stern Architects designed the project. Christopher Peck and Scott Aiese of JLL arranged the loan. Construction is slated to be complete in spring 2023.

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