Lendlease, Australian Pension Fund Receive $360M Construction Loan for Mixed-Use High-Rise in Brooklyn
NEW YORK CITY — A joint venture between global real estate and investment management group Lendlease and Australian pension fund Aware Super has secured a $360 million construction loan for the development of 1 Java Street, a 36-story mixed-use development adjacent to the East River in the Greenpoint neighborhood of Brooklyn.
Plans call for 834 apartments, 13,000 square feet of retail space and an 18,000-square-foot public waterfront park connecting the property to the India Street Pier, which offers service for the East River Ferry. Thirty percent of apartments at 1 Java Street will be affordable units under the Affordable New York 421(A) Program and Voluntary Inclusionary Housing.
Lendlease’s investment management, development and construction business units will serve in 1 Java Street’s development. The property is slated for completion in 2026.
Christopher Peck, Alex Staikos, Phil Cadorette and Joy Dracos led a JLL Capital Markets team that represented the joint venture to secure the floating-rate construction loan through a Bank of America-led syndicate.
New York City architecture firm Marvel will serve as interior designer for both market-rate and affordable units at 1 Java Street. INC Architecture & Design will design the public areas and Créme Architecture & Design will be the interior designer for townhouse units.
The property is designed to meet New York’s decarbonization legislation, and will seek LEED Gold certification, as well as Fitwel and Waterfront Edge Design Guidelines certifications. This will be the sixth development from Aware Super and Lendlease’s joint venture multifamily portfolio, which achieved net zero carbon emission in 2021. Lendlease is targeting absolute zero carbon emission across its global enterprise by 2040.
“Sustainability has become more important to the built environment than ever, and we are proud to have worked with the borrower to secure financing from a leading group of lenders committed to funding innovative projects such as 1 Java,” says Peck.
— Channing Hamilton