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 feet property which includes 295 apartments and 3,500 square feet of retail space. Foundations are already in place for the project that qualifies for now-expired 421a tax abatement program allowing 89 affordable units alongside 206 market rate units with amenities such as gym, yoga studio lounge media room co-working space rooftop terrace bike room etc..
The JLL debt & equity advisory team led by Jeffrey Julien Chris Peck Nicco Lupo Rob Hinckley Geoff Goldstein Marko Kazanjian & Alex Staikos represented sponsors during transaction process.
