After closing on purchase The Baptist Church on Calvary Billionaires Street joint venture raised $ 250 million in funding for a planned office tower development.
According to the Commercial Observer, investment partners Alchemy-ABR and equity partner Cain International secured $ 330 million in capitalization debt for the redevelopment of the premises. The loan will be used to finance the demolition of the 123-141 West 57th Street site and the construction of a 26-story tower.
Simon Ziff, president of Ackman-Ziff Real Estate Group, told the publication that Cain provided the majority of the $ 80 million in capital.
The church at 125 West 57th Street will retain ownership of the building’s foundation and will house its premises there. This part will be redecorated as part of the overall reconstruction plan. The new tower will be 260,000 square feet.
The $ 120 million real estate acquisition was closed last week after a 15-month pandemic-related setback. The total project cost is estimated at $ 350 million.
[CO] – Suzanne Cavanaugh