NYC redevelopment project secures $393 million construction financing

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JLL Capital Markets says that it has arranged a $393 million construction financing for the redevelopment of 125 West End Ave. into a life sciences facility in the West Side cluster of Manhattan.

The borrower is a partnership controlled by Taconic Partners and Nuveen Real Estate. The 125 West End Ave. project involves the conversion of an existing 399,309-sq.-ft. office building into a state-of-the-art, purpose-built research and laboratory complex.

The existing building’s floor plates are ideal for a life science conversion ranging from 37,000 to 53,000 sq. ft. and featuring 15’9″ heights, industrial grade floor loads, direct loading access on multiple floors and gated shipping and receiving points.

The project benefits from immediate proximity to the West Side life sciences cluster and access to both public transportation and commercial thruways.

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