HomeNews$360M loan secured for construction of 1 Java Street tower in Brooklyn

$360M loan secured for construction of 1 Java Street tower in Brooklyn

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.

Search for construction leads
  • Region/Country

  • Sector

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.

Also Read Azola Avery Centre apartment to be developed in Austin

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.

Must Read

Arror and Kimwarer dams in Kerio Valley, Kenya

Four years after being halted, work on the Kerio dams, consisting of the Arror and Kimwarer dams, is set to resume. This comes after...

Construction of new homes for deportees in Rwanda launched

The foundation stone has been laid for the construction of new homes for deportees in Rwanda. According to Rwanda's Infrastructure Ministry, the project will have...

Plans approved for construction of 32-storey tower at Leadenhall Market in London

Plans have been approved for the construction of a 32-storey tower at Leadenhall Market in London. The Square Mile's "tourist appeal" will be boosted...

The Netherlands to build the world’s largest offshore hydrogen production plant

For the construction of the world’s largest offshore hydrogen production plant in the Netherlands, the Dutch government has selected an area. The area is...

Top construction companies in South Africa

Over the years, South Africa’s construction industry has faced challenges fraught with labor unrest, substantial delays on some of the country’s major construction projects,...

Dosti Realty Launches The Dosti Eden Residential Project

Leading real estate builder and developer in Mumbai and Thane Dosti Realty, has launched phase 2 of the Dosti Eden Residential Project. Similar to the...


Please enter your comment!
Please enter your name here