JLL Arranges $128M Floating Rate Loan For Mixed-Use Property At 55 Willoughby St. In Brooklyn
55 Willoughby St Brooklyn, NY 11201, USA
$128,000,000
$477/SF
Building Size
268,000 SF
Asset Type
Mixed-use
Closing
May 31, 2023
About this deal
AI
A mixed-use property located at 55 Willoughby Street in Brooklyn has been involved in a closed transaction. The property has a total square footage of 268,059 and is situated in the Brooklyn market.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $128,000,000
- Lender: Santander Bank & City National Bank
- Landlord: Lonicera Partners & Rabina
- Brokers: Jeffrey Julien, Christopher Peck, Nicco Lupo, Rob Hinckley, Geoff Goldstein, Marko Kazanjian & Alex Staikos - JLL
- Loan Type: Floating Rate Loan
The loan amount for the transaction was $128,000,000 and it was a floating rate loan. The deal involved multiple parties, including lenders Santander Bank and City National Bank, as well as landlords Lonicera Partners and Rabina. JLL served as the broker, represented by Jeffrey Julien, Christopher Peck, Nicco Lupo, Rob Hinckley, Geoff Goldstein, Marko Kazanjian, and Alex Staikos. Additionally, JLL arranged the JV equity from Davis.
On the Map
$128,000,000
$477/SF
Mixed-use
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Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93