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Brokerage
Posted: June 27, 2023
The Davis Companies named JV equity investment partner for 55 Willoughby St. development
Brooklyn, NY The Davis Companies (Davis) has become a JV equity investment partner in a mixed-use luxury development located at 55 Willoughby St. The borrower, a joint venture of Lonicera Partners and Rabina, is represented by JLL who has also secured a floating rate loan through Santander Bank and City National Bank. The 268,000 s/f development will deliver 295 apartments and 3,500 s/f of retail space.
The location offers access to New York City and downtown Manhattan.
With proximity to neighborhoods including Fort Greene, Boerum Hill, Cobble Hill and Brooklyn Heights.
This investment represents the firm’s expanding presence in Greater New York and is an important addition to its multifamily portfolio.
“We are proud to invest in a project that will bring high-quality, new housing options to a rapidly growing community in Brooklyn,” said Bryan Rubin, senior vice president of investments at Davis. “This joint venture marks Davis’ continued investment in New York and we’re thrilled to expand our portfolio in the region.”
As the demand for housing in the city and across the country continues to increase, this property creates new opportunities for younger renters and students in the area seeking apartments in a vibrant and accessible community. The development, which will include 89 affordable units, offers an array of living options including studio, junior-one, one-, junior-two and two-bedroom units, giving residents multiple choices to fit their individual needs. Residents will also have access to amenities including a rooftop terrace, deck, sky lounge, bike room, gym, yoga studio, lounge, media room and co-working space.
Led by the New York-based team, this venture is the latest milestone in Davis’ continued expansion in New York through identifying opportunities in emerging submarkets with access to transportation. Other projects include 168 Plymouth St., 340 Court St., and 76 Schermerhorn in Brooklyn along with The Rise in LIC, Queens. With residential properties in Boston, New York, Illinois, Florida and across the Sun Belt, Davis has established itself as a national leader in residential development.
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