First Citizens Bank Provides $74M Refi on Brooklyn Luxury Apartment Building

Brooklyn-based Lonicera Partners developed the 160-unit project in 2022

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Brooklyn-based Lonicera Partners has secured $74 million to refinance its loan on its 160-unit luxury apartment building in Downtown Brooklyn that opened in 2022. 

First Citizens Bank (FCNCA) provided the senior secured loan for the multifamily building at 310 Livingston Street. Chris Niederpruem, head of real estate finance at First Citizens, said in a statement that his firm hopes to work with Lonicera Partners on future business opportunities. 

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“Lonicera Partners has a strong track record of multifamily developments in the greater NYC area and an in-depth knowledge of the neighborhoods in which they invest,” said Niederpruem. 

Located in the heart of Downtown Brooklyn between Nevins and Bond streets, the multifamily building also features more than 8,600 square feet of ground floor retail. Approximately 48 units — roughly 30 percent of the building  —  are available to rent for residents at 80 percent to 130 percent of the area median income. 

The building includes a mix of studios to three-bedroom apartments and amenities include a sky lounge, a speakeasy, an entertainment studio, coworking spaces, a fitness center, a yoga studio and a rooftop terrace. 

“310 Livingston Street is a valuable asset in Lonicera’s portfolio given its location in the high-growth area of Downtown Brooklyn, as well as the convenience and state-of-the-art amenities it offers to its residents,” Ted Dalton, a managing director for real estate finance with First Citizens, said in a statement. 

Jamie Anthony, founder of Lonicera Partners, said in prepared remarks that his firm was “pleased” to work with First Citizens Banks on the financing for this project and others the firm has completed in recent years. 

“We appreciate their expertise in commercial real estate construction financing, as well as their ability to deliver tailored financing that meets our specific business needs,” said Anthony. 

Eastdil Secured brokered the loan. 

Brian Pascus can be reached at bpascus@commercialobserver.com