Affinius Lends $226M on Newly Completed Brooklyn Rental Tower
Affinius Capital LLC has originated a $226-million loan to refinance 55 Willoughby (marketed as House 55), a Class A, 295-unit, 43-story multifamily property with 3,200 square feet of ground-floor retail located in Downtown Brooklyn. The loan was made to a joint venture between Lonicera Partners and Rabina. Proceeds will bridge the property to stabilization early next year.
“55 Willoughby offers what we look for in an investment: a high-quality asset in a supply-constrained submarket, backed by sponsors with a proven record,” said Affinius executive director Perry Katz. “This financing gives Lonicera and Rabina the flexibility to complete lease-up and execute their business plan as the property moves toward stabilization.”
Located at 55 Willoughby St. on the border of Downtown Brooklyn and Brooklyn Heights, the property offers immediate access to the Jay Street–MetroTech transit hub, major employment hubs, and entertainment, while providing a relatively affordable alternative to Midtown Manhattan.
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Boutique Arlington Heights Apartments Sell for $25M
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout