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JEMB Recapitalizes, Refinances One Willoughby Square in Downtown Brooklyn

JEMB Realty said Wednesday it had recapitalized and refinanced One Willoughby Square, its 35-story, 500,000-square-foot Class A office tower in Downtown Brooklyn, with a $125-milion loan from Deutsche Bank. The transaction brings in new strategic partners and fresh equity, via a partnership with AVRS Partners and KSR Capital, led by Morris Sabbagh and Abraham Kassin.

Concurrently with the recapitalization announcement, JEMB has unveiled a prebuilt program that will feature suite sizes between 2,000 and 10,000 square feet, scheduled for delivery in the second quarter. The building also offers a leasing opportunity on its uppermost floors, levels 22 through 35.

“One Willoughby Square is now fully capitalized, refinanced, and has a strong team in place,” said  Morris Jerome at JEMB Realty. “With new partners and a new leasing team, we now have a significant amount of capital committed to an aggressive pre-built and leasing campaign. With a fresh prebuilt program, we’re reintroducing this asset with renewed energy and momentum.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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