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.
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).
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