Savanna Partners Wins Financing for Residential Site in Brooklyn
- Mar 18, 2014
New York—Savanna Partners has obtained a $21.8 million bridge loan to fund its acquisition of a downtown Brooklyn development site. The site is at the intersection of Willoughby St., Gold St. and Flatbush Ave., near the Barclays Center and immediately adjacent to the 2 million-square-foot multi-phased, mixed-use City Point.
The recent opening of the Barclays Center highlights downtown Brooklyn’s importance as a cultural and entertainment hub. For its part, City Point extends the Fulton Street shopping corridor by adding major retail brands as Armani Exchange and Century 21. The newly commissioned Willoughby Square Park, located diagonally across from the Savanna site, has been called Brooklyn’s “Bryant Park,” comparing it to the location in Manhattan.
Moreover, developers are losing no time in capitalizing on the area’s rising popularity. The Downtown Brooklyn Partnership released a report in January that noted that about 3,300 apartment units are currently under construction in downtown Brooklyn. Some 13,000 more are on the drawing boards.
Savanna plans to construct a residential building with ground-floor and lower-level retail space, though it hasn’t released detailed plans yet. Pembrook Capital Management originated the loan. According to Pembrook CEO Stuart J. Boesky, the transportation infrastructure combined with a variety of real estate demand drivers—businesses, government offices, colleges, cultural institutions and sporting events—makes downtown Brooklyn a good location for new residential development.
Savanna is a major New York-based real estate investor and developer. Since its inception, Pembrook—with offices in New York and Boston—has originated or participated in over 65 investments totaling more than $700 million.