Taconic, Nuveen secure $181m to redevelop West End Campus
Taconic Investment Partners and Nuveen Real Estate have secured a $181m loan to finance the redevelopment of the West End Campus in New York City. Totaling 484,774 sq ft, the property also includes a parcel of land containing 105,575 sq ft of development rights. JLL worked on behalf of the borrowers to place the floating rate-acquisition/bridge loan with LoanCore Capital. The property encompasses the entire block front along West End Avenue from West 65th Street to West 66th Street, with the 2.3-acre lot covering two-thirds of the entire city block westward towards Riverside Boulevard.
“This is the first time in nearly 40 years that a redevelopment opportunity has been available at the West End Campus,” said Evan Pariser, senior managing director at JLL. “Much of this space was constructed to specifications far exceeding typical standards. It has been occupied by ABC/Disney for office and studio production purposes since the early 1980s.”