Lendlease and its joint venture partner, Aware Super have secured a $360 million loan for the development of 1 Java Street in Brooklyn.
However, it was JLL’s team who represented the joint venture parties to secure the funding through a Bank of America-led syndicate. The JLL Capital Markets team included Christopher Peck, Alex Staikos, Phil Cadorette and Joy Dracos.
Christopher Peck of JLL pointed out that sustainable projects like 1 Java Street have become quite important to the built environment. Therefore, he said JLL was proud to have assisted the borrower to secure financing from lenders committed to such innovative projects.
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Development plans for the 1 Java Street project
In 2020, Lendlease purchased the project’s 2.6 acre site located at 1 Java Street for $110.8 million. Initially the developer’s plan was for a 14-story with 477 apartments and 12,000 square feet of retail space. But the plan was revised and instead the project will now move forward as a 36 story tower with 834 apartments.
In addition to the residential component, the property also features roughly 13,000 square feet of ground-floor retail space. What’s more, residents will have access to an 18,000 square foot waterfront park which connects to India Street Pier.
The 1 Java Street project will have about 30% of the new apartments set aside for affordable housing. The developers will fulfill this requirement which falls under the Affordable New York Housing Program. Additionally, they also intend to meet the standards for the LEED Gold, Fitwel and Waterfront Edge Design Guidelines certifications.
Construction on the apartment community is due for delivery by 2026.
The project team
1 Java Street is the joint venture’s sixth project and they are currently exploring geothermal systems for the project. Others involved in the project include Marvel architectural firm, as the interior designer for both affordable and market rate units.
While Creme Architecture & Design serve as interior designer for townhome units of the project. INC Architecture & Design will handle the designs for the public areas.
