JEMB Realty Secures $235M Construction Financing For One Willoughby Square In Downtown Brooklyn
420 Albee Square W, Brooklyn, NY 11201, USA
$235,000,000
$12,634/SF
Building Size
18,600 SF
Asset Type
Office
Closing
Jul 22, 2018
About this deal
AI
One Willoughby Square, an office tower located at 420 Albee Square West in Downtown, Brooklyn, has secured a construction financing loan of $235,000,000. The lender for this transaction is Otéra Capital.
Summary of transation details
- Property Type: OfficeTower
- Transaction Amount: $235,000,000
- Address: 420 Albee Square West
- Market: Downtown, Brooklyn
- City: New York City
- Landlord/Developer: JEMB Realty – Louis & Morris Jerome
- Broker: JLL
The financing provided by Otéra Capital will support the construction of One Willoughby Square. The project is being developed by JEMB Realty, led by Louis & Morris Jerome. JLL, a prominent real estate brokerage firm, represented the parties involved in this deal.
On the Map
$235,000,000
$12,634/SF
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93