Lendlease and L+M Development Partners have secured $250 million in construction financing from Barings to finance their planned mixed-use project at 100 Claremont Avenue, according to the Commercial Observer. The duo are planning a 354,000-square-foot mixed-use academic and residential project on the former campus of the Union Theological Seminary in Morningside Heights.
- Plans: The project will feature 54,000 SF of space for classrooms and offices for academic and administrative uses as well as apartments for faculty. Additionally, the developers are planning a 42-story tower comprising 165 market-rate residential units. The JV is aiming at completing the development by the spring of 2023. [CO]