Savanna has completed the construction financing of the 141 Willoughby Street development project in downtown Brooklyn, the firm announced.
Savanna secured $264 million of debt financing from lenders including funds managed by CarVal Investors. With official groundbreaking completed in late 2020, Savanna is building a state-of-the-art, WELL Certified 400,000 s/f office and retail building designed by Fogarty Finger with SLCE Architects as executive architect.
“Assembling construction financing for a major ground-up commercial development is a significant feat in the best of times, and to do so successfully during an unprecedented pandemic reaffirms our belief in the 141 Willoughby vision and Savanna’s commitment to New York City,” said Cooper Kramer, Managing Director at Savanna.
“We are thrilled to be joining with our development partners of Gilbane Building Company and SavCon and our lender partners on the development of 141 Willoughby. We see great potential for continued growth in the neighborhood and are confident that modern, high-quality, newly constructed office and retail space designed with a specific focus on health and wellness will be well received by the market.”
Aaron Niedermayer and Kellogg Gaines of JLL advised Savanna on the transaction.
“Closing a substantial speculative office construction loan in New York City during COVID is a testament to Savanna and the special project they’ve designed, and also demonstrates the lenders’ confidence in the Sponsor, project and New York City office market,” said Niedermayer.
The design of 141 Willoughby, Savanna’s signature project, includes a focus on WELL Certification. WELL assesses air, water, lighting, acoustics, thermal comfort, movement, mind, materials, and community to promote enhanced human health, well-being, and performance
Architects are also studying circulation paths and programming in common areas and amenity spaces to minimize occupant congestion and maximize personal space
The tower will have increased percentages of outside air with added carbon filtration, ultraviolet light, humidification upgrades, MERV 13 filtration, and increased motor size included within the standard air handler unit specifications to filter, destroy and inactivate viruses, bacteria, and VoCs circulated by the building HVAC system and circulate healthier and cleaner air.
Entry will be touchless and antiviral and antimicrobial materials, such as copper, will be introduced in common and high-traffic areas.
141 Willoughby is located diagonally across from the planned Willoughby Square Park, a one-acre green space and neighborhood amenity that the New York City Economic Development Corporation is planning.
Danielle Ash of Duval & Stachenfeld LLP served as legal counsel for Savanna on the transaction. The Gibson, Dunn & Crutcher LLP team of Mark Osher, Eric Steiglitz, Charlie Weiss, Brian Kniesly and Sabina Jacobs represented CarVal Investors.