The Real Deal New York

JEMB Realty lands big loan for One Willoughby Square project

Money comes from Canadian lender Otéra Capital
July 23, 2018 10:00AM

Renderings of One Willoughby Square and Morris Jerome of JEMB (Credit: DBOX)

JEMB Realty has landed a $235 million construction loan for One Willoughby Square.

The loan comes from Otéra Capital, a large real estate lender based in Canada, according to the Wall Street Journal. JEMB owns office buildings in Montreal and has an established relationship with Otéra.

The company’s Downtown Brooklyn project will be a 500,000-square-foot office tower. About one-third of the building is leased so far, with tenants including a 300-seat public school spanning 87,000 square feet and FXCollaborative Architects, whose lease will span about 40,000 square feet. FXCollaborative is also designing the building.

JEMB expects to finish the project early in 2021.

Forest City announced years ago that it was co-developing the project with JEMB Realty, but sources familiar with the project told The Real Deal the company never actually took an equity stake in the development. Their arrangement with JEMB has since ended. [WSJ] – Eddie Small