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Downtown BK Luxury Tower Secures $70M Construction Debt
JLL has lined up $70 million in acquisition and construction financing for Lonicera Partners’ new luxury apartment development at 308 Livingston St. in Downtown Brooklyn.
The team of Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz and Mark Fisher arranged the loan with Santander Bank and City National Bank.
“308 Livingston is poised to be one of the premier, boutique luxury residential towers in Downtown Brooklyn, and we are delighted to facilitate financing for the project,” said Jonathan Schwartz. “Lonicera Partners is an experienced local developer and this latest project will be a tremendous addition to Downtown Brooklyn’s insatiable housing market.”
In addition to the construction financing, Lonicera sourced preferred equity from Twining Properties and a major institutional investor to develop the property. The developer will demolish the existing five buildings to make way for a project with 160 apartments, including 48 affordable units, and 9,460 square feet of retail.
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