New York, NY - July 23, 2018 - JEMB Realty Corporation (JEMB), a real estate development, investment and management organization headquartered in New York City, today announced the closing of a four-year, $235 million construction loan, one of the largest in Brooklyn to date, for One Willoughby Square, the 500,000 square-foot, contemporary, 34-story office tower in downtown Brooklyn.
The loan was issued by Canadian-based Otéra Capital, one of the largest commercial real estate debt lenders in Canada, and brokered by Aaron Appel, Vice Chairman, Head of New York City Debt & Equity at JLL.
"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 the first ground-up, high-rise office building Brooklyn has seen in decades, JEMB broke ground earlier this year, in February 2018, 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.