Lendlease closes $360 million construction loan for 1 Java St. - the 36-story, 834-apartment multifamily development is in the Greenpoint waterfront

Brooklyn, NY Lendlease and joint venture partner Aware Super closed a $360 million construction loan for the development of 1 Java St. The 36-story, 834-apartment multifamily development will rise along the Greenpoint waterfront.

Lendlease arranged a four-bank syndicate consisting of new and existing relationship lenders.

As an integrated project, 1 Java St. will utilize Lendlease’s investment management, development and construction business units. The property is slated for completion in 2026.

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 includes 13,000 s/f of ground-floor retail space, as well as an 18,000 s/f public waterfront park that connects to the India St. Pier, which is served by the East River Ferry. The Greenpoint Ave. stop on the G line is three blocks east of the development, while multiple bus routes are nearby.

Designed to meet or exceed Local Law 97, New York’s decarbonization legislation, 1 Java St. will target a range of sustainability initiatives including LEED Gold, Fitwel and Waterfront Edge Design Guidelines certification, and is exploring the use of a geothermal system. The project will be the sixth developed and operated as part of the Aware Super and Lendlease joint venture Americas multifamily portfolio, which achieved net zero carbon in 2021.

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

“Leveraging the strengths of our integrated business model and partnership with Aware Super, Lendlease has forged strong relationships with financial institutions all over the globe, providing us with access to a multitude of capital sources who trust in our ability to execute.”

“The ability of this project to attract debt financing in the current market verifies our shared belief in the strong fundamentals and future potential of 1 Java St., a project we believe will not only reshape the Brooklyn waterfront but generate strong cash-on-cash returns for our property portfolio,” said Alek Misev, senior portfolio manager, Aware Super.