Bank of America-Led Lending Syndicate Seals $360M Construction Loan for 1 Java Street


A joint venture between Lendlease and Aware Super has secured a $360 million construction loan for the development of 1 Java Street in Brooklyn.

The loan came from a four-bank lending syndicate led by Bank of America and which included Mizuho Bank, Oversea-Chinese Banking Corporation and TD Bank, sources familiar with the deal told Commercial Observer. JLL represented the borrower with a team led by Christopher Peck, Alex Staikos, Phil Cadorette and Joy Dracos.

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“This financing is proof that experienced, creditworthy sponsors can secure debt financing even in uncertain market conditions,” Ben Byrne, a portfolio manager at Lendlease, said in prepared remarks. “Leveraging the strengths of our integrated business model and partnership with Aware Super, Lendlease has forged strong relationships with financial institutions all over the globe, providing us with access to a multitude of capital sources who trust in our ability to execute.”

The 36-story, 834-apartment multifamily development will utilize Lendlease’s investment management, development and construction business units. The project is scheduled to be completed in 2026, according to a release. 

“The ability of this project to attract debt financing in the current market verifies our shared belief in the strong fundamentals and future potential of 1 Java Street — a project we believe will not only reshape the Brooklyn waterfront but generate strong cash-on-cash returns for our property portfolio,” Alek Misev, senior portfolio manager at Aware Super, said in prepared remarks. 

Approximately 30 percent of the apartments will be set aside as affordable housing under the Affordable New York Housing Program. The project also includes 13,000 square feet of ground-floor retail space, and an approximately 18,000-square-foot public waterfront park.

1 Java Street is targeting a range of sustainability initiatives including LEED Gold, Fitwel and Waterfront Edge Design Guidelines certification, and also exploring the use of a geothermal system. The project will be the sixth developed and operated as part of the Aware Super and Lendlease joint venture’s Americas multifamily portfolio, which achieved net-zero carbon in 2021.

Officials at Bank of America, Mizuho Bank, Oversea-Chinese Banking Corporation and TD Bank did not immediately respond to requests for comment.

Emily Fu can be reached at