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Lincoln Property Company to take lead on 277 North Avenue; developer outlines financing path and timeline
Summary
Lincoln Property Company presented itself as the incoming sponsor for 277 North Avenue, said it has Swinerton Construction as general contractor, and described typical equity close timing tied to guaranteed maximum price and debt, with a target pre-construction and 30-month build timeline aiming for 2029 completion.
Lincoln Property Company told the IDA it will be the incoming sponsor for the 277 North Avenue assignment and outlined how it expects to capitalize the project. Derek Schuthman, Lincoln’s market leader for the New York area, said Lincoln has already partnered with Swinerton Construction for general contracting and described that lenders and equity partners generally require line-of-sight on guaranteed maximum price (GMP), debt and equity before committing.
Schuthman said Lincoln has had preliminary conversations with large institutional capital partners and that the company manages a national retail and multifamily portfolio it will leverage to market and lease the project’s ground-floor retail. He described the likely timeline as closing in April–May 2026, roughly eight months of pre-construction work followed by about 30 months of construction to temporary certificate of occupancy, with a forecasted completion around 2029. “We are actually already partnered with Swinerton Construction…we already have our general contractor,” Schuthman said.
Board members pressed Lincoln for specifics on equity partners, and Schuthman declined to name committed equity investors, saying commitments typically align with confirmed debt and GMP. He committed to provide additional follow-up on where Lincoln is in finalizing equity and on how Lincoln will recruit local subcontractors.
