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Brooklyn’s One Willoughby Secures $235M Construction Loan
A JLL Capital Markets team has arranged a $235-million construction loan for JEMB Realty’s One Willoughby Square, which will be downtown Brooklyn’s first ground-up office development in decades. The four-year, floating rate loan includes an option for a one-year extension, and was provided by Québec-based Otéra Capital Inc.
“The lending community was impressed by the experienced sponsorship of this project, as well as its quality design, location and preleasing,” said JLL managing director Keith Kurland. “Clearly, One Willoughby is destined to become Brooklyn’s most distinctive and sought-after office address.”
Kurland arranged the financing from Otéra along with vice chairman Aaron Appel, EVP Aaran Niedermayer and VPs David Sitt and Eliott Zetioune.
About 27% of the 462,656 square feet of leasable office space at One Willoughby is already leased to two tenants: the New York City School Construction Authority and FXCollaborative, the world-renowned architectural firm and the project’s executive architect.
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- ◦Financing
- ◦Development
