Lonicera Partners Lands $70M for Brooklyn Luxury Development
- Jun 13, 2019
Lonicera Partners has received $70 million in acquisition and construction financing from Santander Bank and City National Bank for the development of a 160-unit luxury apartment building at 308 Livingston St. in downtown Brooklyn.
JLL Capital Markets experts arranged the financing. The team was led by Vice Chairmen Jonathan Schwartz, Aaron Appel and Keith Kurland; Managing Director Adam Schwartz and Executive Vice President Mark Fisher.
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Lonicera, a Brooklyn-based real estate investment and development company, also sourced preferred equity from Twining Properties and a major institutional investor to develop the property located between Bond and Nevin Streets. Five existing buildings will be demolished for the development.
The multifamily property, which qualifies for the 35-year Affordable New York Tax Abatement, will have 48 affordable housing units. The 23-story building will also have 9,460 square feet of commercial retail space. The apartments will feature oversized sound-proof windows, washer-dryers, open kitchens with custom cabinetry and hardware, backsplashes and integrated appliances. Community amenities will include a full-time attended lobby, fitness center, bike storage, roof deck with sky lounge, common dining room and kitchen, entertainment lounge and co-working spaces.
There are multiple mass transit options for residents, including the A, C, G, 2, 3, 4, 5, B and Q trains within two blocks, and the nearby Atlantic Avenue Barclays Center station with access to the Long Island Rail Road lines.
Lonicera’s Brooklyn Developments
Lonicera’s portfolio is all within Brooklyn. In addition to Downtown Brooklyn, the firm has developed projects in the Brooklyn Heights, Cobble Hill and Boerum Hill neighborhoods. In February 2018, the JLL Capital Markets team led by Schwartz, Kurland and Fisher arranged the financing and equity placement for a 59-unit luxury apartment and retail property at 70 Schermerhorn St. developed by Lonicera and Orange Management.
Quinlan and Lonicera teamed up on the development of 153 Remsen, a Class A luxury apartment project in Brooklyn Heights that was completed in 2017. The partners, who have worked together on at least four developments, secured a $52.5 million refinancing loan in July 2018 for that 60-unit property.
Developers like Lonicera have been able to make use of the 2004 rezoning in downtown Brooklyn which allowed greater commercial and residential density. JLL Capital Markets noted about 40 million square feet of commercial and residential development has occurred in the past 10 years with 13,000 rental units and 4,300 condos added to the borough’s housing inventory.