Rendering of 308 Livingston St. in Downtown Brooklyn
NEW YORK CITY—Lonicera Partners received $70 million in acquisition and construction financing for their new luxury apartment development at 308 Livingston St. in Downtown Brooklyn.
A JLL capital markets team with Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz and Mark Fisher arranged the loan with Santander Bank and City National Bank.
“308 Livingston St. is poised to be one of the premier, boutique luxury residential towers in Downtown Brooklyn,” says Schwartz. “Lonicera Partners is an experienced local developer and this latest project will be a tremendous addition to Downtown Brooklyn's insatiable housing market.”
In addition to the construction financing, Lonicera sourced preferred equity from Twining Properties and a major institutional investor to develop the property. Workers are finishing the pre-construction phase and expect to soon begin site work on the 23-story property. Lonicera will demolish five existing buildings at the site to make way for the 160-apartment complex. It will include 48 affordable housing units and 9,460 square feet of commercial retail space.
The project qualifies for the 35-year Affordable New York Tax Abatement. It's also near mass transit including multiple subway lines and the Atlantic Avenue Barclays Center Station with access to the Long Island Rail Road.
In 2004, Downtown Brooklyn was rezoned for greater commercial and residential density and is now home to 45,000 people. JLL notes there has been approximately 40 million square feet of commercial and residential development in the past 10 years with 13,000 rental units and 4,300 condominiums added to the housing inventory.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
