JLL Arranges $235M Construction Loan for 34-Story Office Tower in Brooklyn
NEW YORK CITY — JLL Capital Markets has arranged a $235 million loan for the construction of One Willoughby Square, a 34-story, Class A office tower in downtown Brooklyn.
One Willoughby Square will rise 560 feet above the future Willoughby Park, a one-acre public green space on top of a 700-space underground parking garage in Brooklyn’s Tech Triangle. The building will feature column-free floor plates as well as 10-foot windows. The tower is the first ground-up office development in downtown Brooklyn in decades, according to JLL.
Aaron Appel, Keith Kurland, Aaron Niedermayer, David Sitt and Eliott Zetioune of JLL arranged the four-year, floating-rate loan through Québec-based Otéra Capital Inc. for borrower JEMB Realty.
The planned 462,656-square-foot tower is already 27 percent leased to two tenants: architectural firm NYC School Construction Authority and FXCollaborative, the executive architect of One Willoughby Square.
JEMB will seek LEED Silver certification for the project, which is scheduled for completion in 2021.
“The lending community was impressed by the experienced sponsorship of this project as well as its quality design, location and preleasing,” says Kurland. “Clearly, One Willoughby is destined to become Brooklyn’s most distinctive and sought-after office address.”
— David Cohen