Barings has provided a $250 million construction loan to Lendlease and L+M Development for 100 Claremont Ave. in Manhattan’s Morningside Heights Neighbourhood.
Multi-Housing News (MHN) reports that the partners will break ground soon (likely in July) on the 354,000 sq. ft. structure at the Union Theological Seminary. The 42-story academic and residential tower designed by Robert A.M. Stern Architects is expected to be completed by the spring of 2023.
The building will be built to LEED Gold Certification and V2 of the WELL Building Standard, part of a wider redevelopment of the seminary between West 120th and West 122nd streets. There will be 54,000 sq. ft. of new classrooms, academic offices and apartments for faculty, and also about 165 condo units ranging in size from one to four bedrooms.
MHN reports that Lendlease and L+M purchased air rights for the project from Union Theological Seminary in 2018. The developers also pledged to invest $5 million in the local community as part of its partnership with the institution.