Tishman Speyer closed on a $380.6 million loan to finance the construction of 11 Hoyt, a 480-unit luxury condo building in Downtown Brooklyn.
With funding for the project secured, courtesy of JPMorgan Chase, Tishman can begin building the 51-story apartment tower, which will go up next to the Macy’s on Fulton Street and include 55,000 s/f of indoor and outdoor amenity space.
“We are pleased to have closed this loan for 11 Hoyt with JPMorgan Chase and to begin construction on what will soon be Downtown Brooklyn’s most desirable new address,” said Rob Speyer, CEO of Tishman Speyer. “Completing the financing marks another major milestone for our first ground-up condominium project in New York and we look forward to launching sales this summer. 11 Hoyt’s world-class design, unmatched amenity space and convenient, highly coveted location make this development truly one-of-a-kind.”
Designed by Chicago-based Studio Gang Architects in collaboration with Hill West Architects, the building will feature a rolling wave-like facade that will add a unique flare to the blossoming Brooklyn skyline. Tishman plans to offer 190 distinct floor plans within the building.
The development also will feature interior design work by London-based Michaelis Boyd Associates as well as landscaped outdoor space crafted by New York’s Hollander Design.
Corcoran Sunshine Marketing Group will launch the sales program at the site this summer.