JEMB Realty lands big loan for One Willoughby Square project

Money comes from Canadian lender Otéra Capital

New York /
Jul.July 23, 2018 10:00 AM

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


Related Articles

arrow_forward_ios
The Observation Deck at Hudson Yards (Credit: Adam Pogoff)
Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
These are the tallest towers underway in NYC
These are the tallest towers underway
in NYC
These are the tallest towers underway
in NYC
A new competition asks what would houses on Mars look like (Credit: Getty Images, Pixabay)
Architecture’s final frontier: Here’s what houses on Mars might look like
Architecture’s final frontier: Here’s what houses on Mars might look like
Gotham's Joel Picket and David Picket with 538 10th Ave. (Google Maps)
Gotham plans massive mixed-use building on Far West Side
Gotham plans massive mixed-use building on Far West Side
Lewis Road Residential Planned Development (Pine Barrens, iStock)
Big golf, resi project in East Quogue approved
Big golf, resi project in East Quogue approved
From left: BSA chairwoman Margery Perlmutter, DRAW Brooklyn founder Alexandros Washburn, New York City Council Member Carlos Menchaca with renderings of the project (Photos via the City of New York, LinkedIn and Arquitectonica)
How a Red Hook developer circumvented the City Council
How a Red Hook developer circumvented the City Council
15 Park Row (Google Maps)
J&R Music founders sell Park Row apartment tower for $140M
J&R Music founders sell Park Row apartment tower for $140M
Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...