L&L Holding Company and Columbia Property Trust have closed on $1.25 billion in construction financing for the historic Terminal Warehouse, setting the stage for the dramatic restoration and transformation of the 1.2 million-square-foot office, retail and self-storage facility into a healthy, high-performance workplace and retail destination in the heart of Manhattan’s West Chelsea neighborhood.
Vehicles managed by the Blackstone Real Estate Debt Strategies platform led the $974 million senior loan and senior mezzanine loan financing with Goldman Sachs and KKR participating, while funds managed by Oaktree Capital Management led the $274 million junior mezzanine financing in partnership with Paramount Group. With the loan package — the largest construction financing to date in New York City in 2021 — now secured, L&L and Columbia are ready to commence major construction.
In collaboration with architectural firm COOKFOX, L&L and Columbia ar