At a glance
- Affinius originated the loan directly, and no broker was listed on the transaction.
- Allocators comparing the loans will weigh lease-up reserve, recourse and extension options against the $766,000-per-unit price here and the $518,000-per-unit DŌMI loan, as Private Real Estate Daily previously reported.
- The building, also called House 55, sits near Willoughby and Jay streets and holds 10 studios, 256 one-bedrooms and 29 two-bedrooms, along with 3,200 square feet of ground-floor retail.
Affinius Capital supplied $226 million of bridge debt to refinance 55 Willoughby, a 295-unit, 43-story apartment building in Downtown Brooklyn, Commercial Observer first reported.
The borrower is a joint venture of Lonicera Partners and Rabina. Affinius originated the loan directly, and no broker was listed on the transaction. Pricing and loan-to-value were not disclosed.
Allocators comparing the loans will weigh lease-up reserve, recourse and extension options against the $766,000-per-unit price here and the $518,000-per-unit DŌMI loan, as Private Real Estate Daily previously reported. The DŌMI loan was $98.5 million on 190 units.
The building, also called House 55, sits near Willoughby and Jay streets and holds 10 studios, 256 one-bedrooms and 29 two-bedrooms, along with 3,200 square feet of ground-floor retail.
Stabilization is targeted for early next year.
Reported by the Real estate debt desk from Commercial Observer, Form ADV filings with the SEC and Private Real Estate Daily archive. Published . Corrections