Lonicera Partners and Rabina Land $128M for Brooklyn Multi-Housing Development
A joint venture between Lonicera Partners and Rabina has secured a $128 million loan from Santander Bank and City National Bank for 55 Willoughby, a mixed-use development in Downtown Brooklyn. The Davis Companies also made a joint venture equity investment.
Lonicera Partners purchased 55 Willoughby and additional air rights in December 2021. The project, covering 268,000 square feet, will comprise 295 apartments and 3,500 square feet of retail space. The development, which already has foundations in place, qualifies for the now-expired 421a tax abatement program, allowing for the inclusion of 89 affordable units alongside 206 market-rate units. The property will offer amenities including a gym, yoga studio, lounge, media room, co-working space, rooftop terrace, and bike room.
The JLL debt and equity advisory team, led by Jeffrey Julien, Chris Peck, Nicco Lupo, Rob Hinckley, Geoff Goldstein, Marko Kazanjian, and Alex Staikos, represented the sponsors in the transaction.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.