Tishman Speyer announced the closing of a $380.6 million construction loan for its luxury residential condominium tower in Downtown Brooklyn, 11 Hoyt.
The loan is being provided by JPMorgan Chase.
“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.”
Tishman Speyer recently revealed the first renderings and details for 11 Hoyt, which features over 480 luxury apartments and 55,000 s/f of indoor and outdoor amenity space.
The development borders both Downtown Brooklyn and brownstone Brooklyn along Hoyt Street and Livingston Street, and will offer significant outdoor space for residents. It will offer a broad unit mix and will be the only luxury residential development (of its size) in downtown Brooklyn that features over 190 different floorplans, offering an opportunity for residents to own a one-of-a-kind home. Sales will launch in the Summer of 2018.
Designed by architecture and urban design firm, Studio Gang, under the direction of architect and MacArthur Fellow, Jeanne Gang, 11 Hoyt is the firm’s first residential project in New York City. Hill West Architects also contributed to the project.
Interior design will be by London-based firm Michaelis Boyd Associates and landscape design by AD100, New York-based Hollander Design.
Corcoran Sunshine Marketing Group is managing all sales and marketing efforts for 11 Hoyt.