New York & Tri-State + Healthcare | March 19, 2021

Life Sciences Hub on Upper West Side Scores $393M Financing

JLL Capital Markets arranged a $393-million construction financing for the redevelopment of 125 West End Ave. into a world-class life sciences facility on Manhattan’s Upper West Side. The project involves the conversion of an existing 399,309-square-foot office building.

A JLL team led by Evan Pariser and Geoff Goldstein worked on behalf of the borrower, a partnership controlled by Taconic Partners and Nuveen Real Estate, to secure a four-year, floating-rate senior loan through funds managed by Apollo Global Management and a mezzanine loan through Oaktree Capital Finance. The same JLL team arranged $181 million in acquisition and bridge financing for 125 West End and the surrounding campus in fall 2019.

“The transformation of 125 West End Ave. into a state-of-the-art life science hub and our financing of this project is a testament to the resilience of New York City and the promise of this emergent sector,” said Taconic president Chris Balestra.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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