Lonicera, Rabina Refi Brooklyn Luxury Property With $226M Loan
The community's first residents moved in earlier this year.
A joint venture between Lonicera Partners and Rabina has refinanced 55 Willoughby, a Class A, 295-unit, 43-story multifamily property in downtown Brooklyn, N.Y., with a $226 million bridge loan. Affinius Capital provided the note.
The financing will bridge the newly built asset through lease-up to stabilization early next year. It’s the first bridge financing with Affinius for the joint venture.
Previously known as House 55, the property at 55 Willoughby St. also has 3,200 square feet of ground-floor retail space. The building was completed earlier this year with the first residents arriving in May. It has 89 affordable housing units restricted to households earning 130 percent of area median income.
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Lonicera purchased the property and additional air rights from 57 Willoughby in December 2021. The joint venture broke ground on 55 Willoughby in April 2024. Lonicera and Rabina had secured a $128 million floating-rate construction note from Santander Bank in June 2023, according to Yardi Matrix data. The joint venture partners also received a loan at that time from City National Bank and a JV equity investment from The Davis Cos., according to JLL Capital Markets. Those amounts were not disclosed.
A JLL debt and equity advisory team represented the sponsor and arranged the two loans and Davis equity investment. 55 Willoughby was one of the last multifamily properties to benefit from the 421a tax abatement program, JLL said at that time.
What’s at 55 Willoughby?
Designed by Colberg Architecture, 55 Willoughby has 10 studios, 256 one-bedroom units and 29 two-bedroom units, ranging in size from 481 square feet to 992 square feet. Rents range from $4,110 to $6,275, with an average of $5,223, according to Yardi Matrix information.
All apartments have in-unit washers and dryers, floor-to-ceiling windows, 9-foot ceilings in living and bedrooms, central heat and air conditioning and smart locks. The units feature stainless steel appliances, Caesarstone countertops, custom cabinets, under-cabinet lighting and backsplashes.
Amenities include a rooftop terrace with Manhattan skyline and water views, a fitness center, a yoga studio, coworking spaces, lounge areas as well as game, media and bike storage rooms.
The property is also close to other neighborhoods including Boerum Hill, Cobble Hill and Fort Greene. 55 Willoughby is close to 12 subway lines and has immediate access to the Jay Street-Metro Tech transit hub. Residents are also near major employment hubs including downtown Manhattan.
More Lonicera Brooklyn properties
Lonicera Partners owns several properties in Brooklyn, including The Guild Brooklyn, a 160-unit luxury community at 310 Livingston St. In May 2024, Lonicera secured a $74 million senior loan from First Citizens Bank to refinance the property, which came online in 1922. The 23-story building also has about 6,460 square feet of commercial space.
The firm also owns 15 Hanover Place, a 34-story, 314-unit community with 95 affordable apartments in downtown Brooklyn. Santander and City National Bank financed its construction with a $134 million loan in July 2022.
