Savanna nabs $264M loan for Downtown Brooklyn office project
Construction started on 400K sf building last year
Savanna snagged $264 million in construction financing for its Downtown Brooklyn office project.
The developer secured a senior loan for 141 Willoughby Street from PIMCO, according to the Commercial Observer, citing sources not involved in the transaction. It also nabbed mezzanine debt from CarVal Investors.
Savanna started construction on the 400,000-square-foot project late last year. The real estate private equity firm purchased the site from the Institute of Design and Construction for $28 million in 2014, and originally planned to build a mixed-use building with 270 apartments, some of which would have been affordable.
In 2019, it changed its plans, instead moving forward with an office tower.
The firm is led by Christopher Schlank and Nick Beinstock and has invested billions of dollars through private equity funds since launching in 2006. It makes opportunistic investments by purchasing properties and improving them to sell for a gain — all within the lifespan of its different funds.
[CO] — Keith Larsen