Avison Young ‘s New York office announced that its Tri-State Debt & Equity Finance Group has arranged a $204 million construction loan on behalf of Taconic Partners and National Real Estate Advisors, for 312 West 43rd Street.
Located on the corner of 43rd Street and Eighth Avenue at the nexus of Times Square and Hell’s Kitchen, 312 West 43rd Street is a planned 367,000 s/f mixed-use residential development that upon completion will comprise 330 luxury rental apartments with a comprehensive amenities collection and more than 40,000s/f of retail.
Avison Young’s Principals and Co-Leads of Tri-State Debt & Equity Finance Scott Singer and Andrew Singer credited Senior Directors Alan Schwartz and Kathleen McSharry with spearheading the assignment, in which The Union Labor Life Insurance Company provided the loan.
“Taconic Partners is one of the most active real estate developers in the city and we’re proud to have closed our first transaction on their behalf. The closing of this ground-up construction financing is an exciting milestone in New York City’s ongoing and accelerating recovery as well as in Taconic Partners’ plans for building out their vision for 312 West 43rd Street,” said Singer.
In a joint venture with National, Taconic Partners entered a 99-year ground lease with the respected 1199SIEU Health Care Workers Union for the redevelopment of 312 West 43rd Street from a 32,000 s/f lot into a 35-story mixed-use luxury residential building. Designed by Handel Architects, the property will feature 30,000 s/f of tenant amenities, including a rooftop pool and landscaped outdoor space accessible by residents across multiple floors.
“312 West 43rd Street is a unique project that upon completion will deliver high-design residences and amenities in one of the most centralized, transit-accessible neighborhoods in the city,” said Colleen Wenke, president and Chief Operating Officer at Taconic Partners.
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