Lonicera Secures $74M for Brooklyn Tower
First Citizens Bank originated the senior loan.
Lonicera Partners has secured a $74 million senior loan for the refinancing of The Guild Brooklyn, a 160-unit partially affordable luxury community in Brooklyn, N.Y. First Citizens Bank provided the note.
The property’s existing debt included a $70 million acquisition and construction loan originated by Santander Bank in 2019. That year, Lonicera purchased and demolished five buildings to make way for The Guild, including a three-story brick structure built in 1911 for which the firm paid $11 million.
The community came online in 2022. Fogarty Finger Architecture designed the project and Noble Construction Group served as general contractor.
The Guild qualified for the 35-year tax abatement under the Affordable New York Housing Program. As such, 48 of its units cater to residents earning between 80 and 130 percent of the area median income.
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Rising 23 stories, the building encompasses one- and two-bedroom floorplans spread across 109,331 square feet. Additionally, the property features some 6,460 square feet of commercial space.
Apartments have 9-foot ceilings, induction cooktops, as well as porcelain-tiled showers, among others. Select units feature floor-to-ceiling windows with solar shades. Amenities include a library and speakeasy, game room, dining room, gym and rooftop sky terrace.
Located at 310 Livingston St. in a 99-walk-score and 100-transit-score area, The Guild is less than 1 mile away from downtown Brooklyn. The Nevins Street subway station, as well as several retail and dining options, are within walking distance.
Lonicera bullish on Brooklyn
Besides The Guild, Lonicera also owns other properties in Brooklyn. One of them is Hanover Place, a 314-unit, 95 percent affordable community. Santander and City National Bank financed its construction with a $134 million note in 2022.
Last month, the firm broke ground on 55 Willoughby St., a 295-unit community. This project also secured financing from Santander Bank in the form of a $128 million construction loan, Yardi Matrix data shows.
Brooklyn’s multifamily transactions stall
A recent Yardi Matrix report reveals that no assets bearing more than 50 units changed hands in Brooklyn during the first quarter of 2024, as investors exercised caution on the backdrop of economic headwinds.
Last year, five assets of 50 units or more traded in Brooklyn for a combined $199 million, marking a sharp decrease from 2022’s investment volume of $850 million, the same report shows.
