Joint venture between Lonicera Partners and Rabina has secured a $128 million loan from Santander Bank and City National Bank for 55 Willoughby, a mixed-use development in Downtown Brooklyn. The Davis Companies also made an equity investment. In December 2021, Lonicera Partners purchased the 268,000 square foot property which includes 295 apartments and 3,500 square feet of retail space with additional air rights. Foundations are already in place for the project that qualifies for the now-expired 421a tax abatement program allowing 89 affordable units alongside 206 market rate units to be included. Amenities include gym, yoga studio lounge media room co-working space rooftop terrace bike room among others.
The JLL debt and equity advisory team led by Jeffrey Julien Chris Peck Nicco Lupo Rob Hinckley Geoff Goldstein Marko Kazanjian Alex Staikos represented sponsors in this transaction on behalf of their clients .
