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Savanna Secures $264M for Downtown Brooklyn Project
Savanna completed construction financing of 141 Willoughby St. in downtown Brooklyn. For the 400,000-square-foot office and retail project, Savanna secured $264 million of debt financing from lenders including funds managed by CarVal Investors.
“Assembling construction financing for a major ground-up commercial development is a significant feat in the best of times, and to do so successfully during an unprecedented pandemic reaffirms our belief in the 141 Willoughby vision and Savanna’s commitment to New York City,” said Cooper Kramer, managing director at Savanna. “We are thrilled to be joining with our development partners of Gilbane Building Company and SavCon and our lender partners on the development of 141 Willoughby.”
He added that downtown Brooklyn continues to attract businesses through its “outstanding access to employee talent, fed by incredible transit connectivity and proximity to many of Brooklyn’s most desirable residential addresses.”
JLL’s Aaron Niedermayer and Kellogg Gaines advised Savanna.
- ◦Development
