Lendlease, L+M borrow $251M from Barings for new construction in Morningside Heights

Lendlease and L+M Development Partners through the entity Broadway Community Owner LLC as borrower signed a new construction loan agreement with lender Barings through the entity Massachusetts Mutual Life Insurance Company valued at $250.8 million for 2 parcels, including the tax class not available at 100 Claremont Avenue in Morningside Heights. The deal closed on June 22, 2020 and was recorded on June 29, 2020.

Barings is owned by Mass Mutual. The debt is composed of a $177.2 million building loan, a $42.25 million term loan and a $31.3 million project loan.

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