Lonicera Partners Lands $70M in Financing for DoBro Mixed-Use Development
Santander Bank and City National Bank provided the acquisition and construction debt.
By Cathy Cunningham June 11, 2019 1:09 pm
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Santander Bank and City National Bank have provided $70 million in acquisition and construction financing for Lonicera Partners’ new luxury apartment development at 308 Livingston Street in Downtown Brooklyn, Commercial Observer has learned.
JLL (JLL)’s Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Mark Fisher negotiated the debt.
“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,” Schwartz said in prepared remarks. “Lonicera Partners is an experienced local developer and this latest project will be a tremendous addition to Downtown Brooklyn’s insatiable housing market.”
Lonicera also sourced a preferred equity investment in the development from Twining Properties plus a “major institutional investor” sources said.
The Real Deal reported in October that Lonicera Partners was planning to build the 23-story apartment complex at the site—between Bond and Nevins Streets.
The property is now in the pre-construction phase, and site work—including the demolition of five existing buildings at the site—is expected to commence imminently. When completed, the building will include 160 apartments—48 of which will be affordable—and 9,640 square feet of retail space.
Building amenities are set to include a roof deck with a sky lounge, an entertainment lounge, co-working spaces and a fitness center.
The project qualifies for the 35-year Affordable New York tax abatement.
Lonicera has a strong foothold in Brooklyn. Its portfolio includes 59-61 Atlantic Avenue, 267 Pacific Street, 70 Schmerhorn Street and 178 Court Street.
Santander also lent $200 million on The Eagle, Red Apple Group‘s 32-story Downtown Brooklyn apartment tower at 86 Fleet Place in Downtown Brooklyn, in March.
Officials at Lonicera, CNB and Santander couldn’t immediately be reached for comment.
