JLL’s Capital Markets group arranged the $360 million construction loan for 1 Java Street, a 3mixed-use waterfront development in Brooklyn.
News release
15 December 2022
JLL arranges $360M of construction financing for mixed-use, waterfront community in Brooklyn
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NEW YORK, Dec. 15, 2022 – JLL’s Capital Markets group announced today that it has arranged the $360 million construction loan for 1 Java Street, a 36-story, mixed-use waterfront development in the Greenpoint neighborhood of Brooklyn, immediately adjacent to the East River. The property will feature 834 apartments, approximately 13,000 square feet of destination retail space and an approximately 18,000-square-foot public waterfront park connecting the property to the India Street Pier.
The property also aims to achieve LEED Gold, FitWel and NYC’s WEDG certifications.
JLL represented the borrower, a joint venture of Lendlease and Aware Super, to secure the floating-rate construction loan through a Bank of America-led syndicate.
With an anticipated completion in 2026, 1 Java will feature 70% market rate units and 30% affordable units, participating in the Affordable New York 421(A) Program and Voluntary Inclusionary Housing.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Christopher Peck, Director Alex Staikos, Associate Phil Cadorette and Analyst Joy Dracos.
“Sustainability has become more important to the built environment than ever, and we are proud to have worked with the borrower to secure financing from a leading group of lenders committed to funding innovative projects such as 1 Java,” said Peck. “With cutting-edge sustainability practices embedded throughout the property, this project will benefit the Greenpoint community and the broader New York City environment setting the bar for green building citywide.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.