Lonicera Partners secures $70m loan for Brookyln scheme

Lonicera Partners secures $70m loan for Brookyln scheme

Published at: 2019-06-13 06:01 | Author: CIJEurope.com
Lonicera Partners has received a $70 million loan for the acquisition and construction financing of a new mixed-use development in downtown Brooklyn. Located at 308 Livingston Street, the 23-story tower project is nearly done with the pre-construction phase. The firm will demolish the existing five buildings to make way for a development containing 160 apartments, including 48 affordable housing units, and 9,460 sqf. of retail space. Jones Lang LaSalle Capital Markets sourced the construction financing through Santander Bank and City National Bank along with preferred equity from Twining Properties and a major institutional investor. “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 Jonathan Schwartz, JLL. “Lonicera Partners is an experienced local developer and this latest project will be a tremendous addition to downtown Brooklyn’s insatiable housing market.”

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