In Downtown Brooklyn, a joint venture between real estate firms Lonicera Partners and Rabina has secured substantial bridge financing amounting to 226 million dollars. The loan was provided by Affinius Capital and serves to refinance the 43-storey residential complex 55 Willoughby, which is also marketed under the project name House 55. No broker was involved in the execution of the transaction.
The capital is intended to support the property and its 295 residential units through the remaining phase of initial leasing, securing the planned economic stabilisation at the beginning of next year. Construction of the new development began in June 2023. The site is situated at 55 Willoughby Street, in immediate proximity to the intersection of Willoughby Street and Jay Street.
Differentiated unit mix and ground-floor retail
The residential tower features a layout tailored to rental demand in this New York submarket. In addition to residential space, the building also provides space for neighbourhood retail:
- —10 studio apartments
- —256 one-bedroom apartments
- —29 two-bedroom units
- —Around 3,200 square feet of retail space on the ground floor
Solid leasing momentum in a challenging market environment
Perry Katz, Executive Director at Affinius Capital, described 55 Willoughby as a prime asset in a submarket characterised by supply shortages. He also emphasised that the project partners have an established and reliable track record in the sector.
Brooke Cianfichi, Head of Capital Markets at Lonicera Partners, characterised the current market environment as volatile. She noted that the property's leasing performance to date was all the more remarkable, having proved exceptionally dynamic. House 55 is strategically positioned to serve resident demand in Downtown Brooklyn.
