The Real Deal New York

Tishman Speyer seeking $376M loan for DoBro condo project

Developer is planning a 477-unit building at 11 Hoyt Street
April 10, 2017 04:10PM

Renderings of 11 Hoyt Street and Rob Speyer (Credit: CityRealty and Getty Images)

Tishman Speyer is in the market for a large construction loan for its Downtown Brooklyn condominium project at 11 Hoyt Street.

The developer is seeking $376 million in financing to build 477 condos next to the Macy’s department store, according to Commercial Mortgage Alert. Tishman wants a floating-rate loan with a five-year term including options to extend. Its leverage is around 55 percent, pegging the development’s total cost at $685 million.

The condo development would also feature 41,000 square feet of retail space, approximately 55,000 square feet of indoor and outdoor amenities and 150 parking spaces. Tishman is shooting for a total sellout of $1,760 per square foot, CMA reported, citing an unnamed source.

In 2015, Tishman paid $170 million for the upper levels of Macy’s Downtown Brooklyn location at 422 Fulton Street, air rights and the store’s parking garage at 11 Hoyt Street.

The development at 422 Fulton Street, a creative hub spanning 620,000 square feet with an acre of outdoor space, will be ready for occupancy in mid-2019. HNA Group, the Chinese conglomerate behind the $2.2 billion deal for 245 Park Avenue, is backing that project, known as the Wheeler.

A JLL team led by Dustin Stolly, Max Herzog and Aaron Appel is handling the search for the financing.

In this month’s issue, The Real Deal profiled Tishman Speyer CEO Rob Speyer. [CMA] Miriam Hall

(To see other construction loans from Tishman Speyer, click here)