Brooklyn, NY JEMB Realty Corporation (JEMB) has closed on a four-year, $235 million construction loan for One Willoughby Sq., the 500,000 s/f, contemporary, 34-story office tower.
JLL’s vice chairman Aaron Appel, managing director Keith Kurland, executive vice president Aaron Niedermayer and vice presidents David Sitt and Eliott Zetioune led the team arranging the financing on behalf of JEMB Realty. The four-year, floating rate loan includes an option for a one-year extension and was provided by Québec-based Otéra Capital Inc.
“The lending community was impressed by the experienced sponsorship of this project as well as its quality design, location and preleasing,” said Kurland. “Clearly, One Willoughby is destined to become Brooklyn’s most distinctive and sought-after office address.”
“We are appreciative of the opportunity to support JEMB with this high-quality project which will contribute to the ongoing positive transformation of Downtown Brooklyn,” said Martin Laroche, senior director and team head at Otéra Capital.
As one of the first ground up, high-rise office buildings Brooklyn has seen in decades, JEMB broke ground in February and is expected to be fully complete by Q1 2021.
“It was a pleasure working with Otéra, who we have a long-standing relationship with,” said Morris Bailey, chairman of JEMB.
“This project is truly one of a kind and will be the most iconic office building in Brooklyn.”
JEMB was represented by Doug Heitner, Christy Mazzola and Steven Shafer of Kasowitz Benson Torres LLP.
Pre-leasing at One Willoughby Square has been successful, and the developers previously announced that they secured a 40,000 s/f lease with world-renowned architecture, interiors and planning firm, FXCollaborative, formerly known as FXFOWLE, to be the property’s anchor tenant. Additionally, and as announced by the New York School Construction Authority, there will be a 300-seat, 87,000 s/f school that will be housed throughout the initial six floors of the tower.
To continue its momentum, JEMB is in further discussion with tenants to lease space at the development.