Construction of 100 Claremont Avenue in New York, US is set to start. This is after Lendlease and L+M announced the closing of their construction financing for the project. 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. The two partners have secured a US $250m construction loan from the global financial services firm Barings, on behalf of its managed accounts.
According to Melissa Román Burch, executive general manager at Lendlease, the commitment and fortitude of the company’s financial, academic and neighborhood partnerships have enabled them 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 neighborhood, while also continuing our investment in the local community,” she said.
100 Claremont Avenue
Iconic New York architecture firm Robert A.M. Stern Architects designed the 100 Claremont mixed-use residential and academic building to integrate with the broader campus and surrounding neighborhood. When fully constructed, 100 Claremont will provide approximately 54,000 square feet of modern classrooms, academic offices and faculty-designated apartments.
The remainder of the building comprises approximately 165 condominium residences with a mix of one-, two-, three- and four-bedroom units. The new building is targeting the U.S. Green Building Council standards for LEED Gold Certification, and V2 of the WELL Building Standard.
Justin Preftakes, managing director, head of construction lending for Barings said that 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,” he added.