An offering memorandum viewed by CO shows that CBRE’s James Millon, Tom Traynor and Ethan Gottlieb are leading the debt assignment. Bids from lenders interested in providing either a construction loan or predevelopment loan were due Dec. 6, with an anticipated closing date of Jan. 24. Officials at CBRE declined to comment, the publication reported.
The Taconic/Nuveen joint venture plans to develop a 420,347-sq. ft. property at the sit after acquiring its leasehold interest from Trinity Church. The deal was structured as a 99-year leasehold with a single upfront payment and no ongoing ground rent.
Crain’s New York Business earlier reported that Trinity Real Estate—the real estate arm of Trinity Church — was looking to ground lease the Hudson Square lot. Crain’s later reported that Taconic and Nuveen were in contract to sign the lease.
The project is expected to be completed by March 2025.
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