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
Queens Borough President Donovan Richards in front of Willets Point. (Office of Queens Borough President, WikiMedia / Jim.henderson)
Willets Point redevelopment finally moves ahead
Willets Point redevelopment finally moves ahead
Francis Greenburger of Time Equities (Greenburger via Michael McWeeney; iStock)
Rental-to-condo conversions drop 80% after 2019 rent law: report
Rental-to-condo conversions drop 80% after 2019 rent law: report
Klövern executive Peeter Kinnunen, GDSNY CEO Michael Kirchmann and 407 Park Avenue (Klövern, GDSNY, Google Maps)
GDSNY, Klövern add 407 Park Avenue to project footprint for $31M
GDSNY, Klövern add 407 Park Avenue to project footprint for $31M
City Council Majority Leader Laurie Cumbo and 840 Atlantic Avenue (Getty, Google Maps)
Atlantic Avenue project gets haircut — and is rejected anyway
Atlantic Avenue project gets haircut — and is rejected anyway
Close to 80 hotels with more than 13,000 rooms plan to open in 2021. (iStock)
Big year seen for hotel openings, despite few visitors
Big year seen for hotel openings, despite few visitors
arrow_forward_ios

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

Loading...