JLL Capital Markets experts have arranged $70 million in acquisition and construction financing for Lonicera Partners’ new luxury apartment development in Downtown Brooklyn, located at 308 Livingston Street.
Jonathan Schwartz, Aaron Appel, and Keith Kurland, Vice Chairmen; Adam Schwartz, Managing Director; and Mark Fisher, Executive Vice President, led the JLL team in arranging the loan with Santander Bank and City National Bank.
“308 Livingston Street is poised to be one of the premier, boutique luxury residential towers in Downtown Brooklyn, and we are delighted to facilitate financing for the project,” said 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. The team is finishing the pre-construction phase and expects to commence site work shortly on the 23-story property at 308 Livingston Street. Lonicera will demolish the existing five buildings to make way for a development containing 160 apartments, including 48 affordable housing units, and 9,460 square feet of commercial retail space. Apartments will feature sound-proof windows, washer/dryers, open kitchens, integrated appliances, custom cabinetry and hardware, custom backsplashes.
Amenities will include a full-floor roof deck with a sky lounge, common dining room, kitchen, entertainment lounge, and co-working spaces. The property will also have a full-time attended lobby, fitness center and bike storage.
The project qualifies for the 35-year Affordable New York Tax Abatement. The building is located in the center of abundant mass transit.
In 2004, Downtown Brooklyn was rezoned for greater commercial and residential density and is now home to 45,000 people. There has been some 40 million square feet of commercial and residential development in the past 10 years with 13,000 rental units and 4,300 condos added to the housing inventory.