L&L, CXP Close on NYC’s Largest Construction Loan YTD
L&L Holding Company and Columbia Property Trust closed on $1.25 billion in construction financing for their office and retail redevelopment of the historic Terminal Warehouse in Manhattan’s West Chelsea neighborhood. Arranged by CBRE, it’s the largest construction financing in New York City year-to-date. Terms weren’t disclosed.
Vehicles managed by Blackstone Real Estate Debt Strategies led the $974-million senior loan and senior mezzanine financing, with Goldman Sachs and KKR participating. Funds managed by Oaktree Capital Management led the $274-million junior mezz financing with Paramount Group.
“The closing of this loan kicks off a new project phase for us,” said L&L principal Andrew Staniforth, who oversees the redevelopment. “The last three years have been one of the most exciting explorations into the history and possibility of this amazing Chelsea landmark, and in the coming months we are going to start seeing it all come to life.”
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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