Lend Lease has picked up a stake in 281 Fifth Ave, a site slated to become a 140-unit, 750-foot-tall residential tower. Victor Group bought the site last year, and Lend Lease will co-develop it. Melissa Burch, who joined Lend Lease earlier this year from Forest City Ratner, told Crain's she didn’t have a number for what share of the project the firm would own. The cost for the whole thing will come out to about $400M. Victor Group’s been using EB-5 money as one way of financing the tower, which it plans to break ground on by the end of the year. Lend Lease and Victor are also working on getting a construction loan. [CNY]
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