A mammoth development on the Greenpoint waterfront just got a shot in the arm.
Lendlease, an Australian developer known for its megaprojects, secured a $360 million construction loan to build a 36-story, 834-unit rental complex at 1 Java Street.
Bank of America led a consortium of lenders that also included Mizuho Bank, Oversea-Chinese Banking Corporation (OCBC Bank) and TD Bank.
1 Java Street (Lendlease)
“This financing is proof that experienced, creditworthy sponsors can secure debt financing even in uncertain market conditions,” said Lendlease portfolio manager Ben Byrne in a statement
The two-tower structure will hold 13,000 square feet of ground-floor retail and about 18,000 square feet of public waterfront park connected to India Street Pier, which is served by the East River Ferry.
Construction of the project began in June, in order to qualify for the since-expired 421a tax abatement, which requires the inclusion of affordable housing. The project at 1 Java Street will reserve about 30 percent of its units as affordable.
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The project will also “meet or exceed” energy efficiency standards required by Local Law 97, according to Lendlease.
The mammoth project, a joint venture with the Australian pension fund manager Aware Super, has been in the planning stages since the partners bought the 2.9 acre site in October 2020 for $110.8 million. RedSky Capital and JZ Capital unloaded the site after straining under the debt burden of their once $1 billion shared New York and Miami portfolio.