Publications

Real Estate - JULY 26, 2021

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

L&L and Columbia secure $1.25b in financing for redevelopment of terminal warehouse

by Released

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

Forgot your username or password?

We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. By clicking on “I accept”, you consent to our Privacy Policy.