New York & Tri-State + Outer + Finance | December 15, 2022

Lendlease JV Secures $360M Construction Loan for Brooklyn High-Rise

Global real estate and investment management group Lendlease and joint venture partner Aware Super, one of Australia’s largest superannuation funds, closed on a $360-million construction loan for the development of 1 Java St. in New York. The 36-story, 834-apartment multifamily development will rise along the Greenpoint waterfront in Brooklyn.

Lendlease arranged a four-bank syndicate consisting of new and existing relationship lenders. A JLL Capital Markets team of senior managing director Christopher Peck, director Alex Staikos, associate Phil Cadorette and analyst Joy Dracos represented the JV in obtaining the floating-rate loan.

“This financing is proof that experienced, creditworthy sponsors can secure debt financing even in uncertain market conditions,” said Ben Byrne, portfolio manager, Lendlease.

Approximately 30% of the apartments at 1 Java St. will be set aside as affordable housing under the Affordable New York Housing Program. The project is slated for completion in 2026.

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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 13-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 15-20 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).