Taconic Partners and National Real Estate Advisors have received a $204 million construction loan from The Union Labor Life Insurance Co. for the development of 312 W. 43rd St., a mixed-use, 330-unit luxury apartment building in the Clinton Preservation District of Hell’s Kitchen in Manhattan.
Taconic started construction on the 33-story, 367,000-square-foot building this year and anticipates completion by mid-2024.
Avison Young’s Tri-State Debt & Equity Finance Group secured the loan for the partnership. Avison Young principals and co-leads of the firm’s Tri-State Debt & Equity Finance, Scott Singer and Andrew Singer, credited Senior Directors Alan Schwartz and Kathleen McSharry with arranging the debt with Ullico.
Scott Stringer, in a prepared statement, called the closing of the ground-up construction financing an exciting milestone for New York City’s recovery as well as in Taconic’s plans for building out its vision for the property.
Designed by Handel Architects, the building will also have more than 30,000 square feet of amenities including spa areas, private gardens, workspaces, a rooftop pool and a fitness center. There will be 40,000 square feet of retail and the Midtown Manhattan location will give retail tenants prominent positioning near Times Square. The location also offers direct access to Hudson Yards and the Theater District.
Taconic and National leased the ground rights for 99 years from the 1199SEIU Health Care Workers Union.
Colleen Wenke, president and chief operating officer of Taconic Partners, said in a prepared statement the closing of the loan will enable the partners to help create a top-quality residential and retail asset in a dynamic live-work-play corridor of New York City. The property’s large lot size and through-block exposure will allow for light and air on the residential floors and a distinct lobby experience on 43rd Street.
Taconic and another partner, Mitsui Fudosan America, teamed up in 2017 to develop 525 W. 52nd St., a two-building luxury condo in the Hell’s Kitchen neighborhood. Handel Architects also designed the project.