Tishman Speyer Secures $381M for Brooklyn Condos

New York City-based real estate developer, owner, operator and asset manager Tishman Speyer has closed a $380.6 million construction loan for 11 Hoyt, the company’s downtown Brooklyn luxury residential condominium tower. JPMorgan Chase is providing the loan.

Featuring more than 480 luxury units and 55,000 square feet of indoor and outdoor amenity space, 11 Hoyt will border both downtown Brooklyn and brownstone Brooklyn.

“We are pleased to have closed this loan for 11 Hoyt with JPMorgan Chase and to begin construction on what will soon be downtown Brooklyn’s most desirable new address,” said Tishman Speyer CEO Rob Speyer.

“Completing the financing marks another major milestone for our first ground-up condominium project in New York, and we look forward to launching sales this summer. 11 Hoyt’s world-class design, unmatched amenity space and convenient, highly coveted location make this development truly one of a kind.”

Most in downtown Brooklyn

Situated along Hoyt and Livingston Streets in the heart of Brooklyn, 11 Hoyt will provide its residents with substantial outdoor space. A broad unit mix and more than 190 different floor plans, the most of any downtown Brooklyn luxury property of its size, will provide purchasers a chance to own a home different than any other.

The development is the first residential project in New York City designed by Studio Gang, founded by architect and MacArthur Fellow Jeanne Gang. The project’s interior design is by London-based firm Michaelis Boyd Associates. Landscape design is by AD100, New York-based Hollander Design. Corcoran Sunshine Marketing Group is managing all sales and marketing for 11 Hoyt.