JEMB Closes $235M Construction Loan for Brooklyn Office Tower
The 500,000 square-foot contemporary office building is expected to be completed in 2021.
NEW YORK CITY—JEMB Realty Corporation closed on a four-year, $235 million construction loan for One Willoughby Square. The 500,000 square-foot, contemporary 34-story office tower is in Downtown Brooklyn.
Canadian-based Otéra Capital, one of the largest commercial real estate debt lenders in Canada, issued the loan which was negotiated by Aaron Appel, vice chairman, head of New York City debt & equity at Jones Lang LaSalle.
“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,” says Martin Laroche, senior director at Otéra Capital.
JEMB broke ground in February 2018, and the project is expected to be fully complete by Q1 2021.
“It was a pleasure working with Otéra, who we have a long-standing relationship with,” says Morris Bailey, chairman of JEMB.
JEMB was represented by Doug Heitner, Christy Mazzola and Steven Shafer of Kasowitz Benson Torres LLP.
Pre-leasing at One Willoughby Square continues. FXCollaborative, formerly known as FXFOWLE is leasing a 40,000-square-foot space as the anchor tenant. Additionally, the first six floors of the tower will house a 300-seat, 87,000-square-foot school.