$37M loan with Investment Property Exchange Services for Lonicera’s project in Downtown Brooklyn

The entity Willoughby Owner LLC as borrower signed an acquisition loan with lender Investment Property Exchange Services valued at $37 million for the office building at 55 Willoughby Street in Downtown Brooklyn, Brooklyn.
The deal closed on December 31, 2021 and was recorded on January 21, 2022. The prior lender was Wells Fargo which held debt that had an original loan amount of $11 million.
Lonicera Partners (B00645411) filed plans for a 290-unit, 261,092 square-foot R-2 on December 30, 2021.

Willoughby Owner LLC bought the property on December 31, 2021, for $48 million.
The signatory for Willoughby Owner LLCC was Michael J. Roberts. The signatory for Investment Property Exchange Services was Maribel Lembert.

In Downtown Brooklyn, the bulk, or 36 percent of the 26.8 million square feet of built space are office buildings, with residential elevator buildings next occupying 29 percent of the space. In sales, Downtown Brooklyn has 1.3 times the average sales volume among other neighborhoods with $365.7 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Downtown Brooklyn has 2.9 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Brooklyn. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.
On the tax block, the majority, or 97 percent of the 1.2 million square feet of built space are office buildings, with residential elevator buildings next occupying 2 percent of the space.
Within a 400-foot radius of 47 Willoughby Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on December 15, 2021 for the $271,250 renovation of 3,875-square-foot M building with 0 residential units at 453 Fulton Street.
Of those nine items, three were sales above $5 million totaling $24.3 million. The most recent of the three was United American Land which bought the 1,490-square-foot, two-unit mixed-use building (K4) on 453 Fulton Street for $5.8 million from Fasiha Sheikh on January 26, 2021.
Of those nine items, five were loans above $5 million totaling $103.2 million. The most recent of the five was Meadow Partners which borrowed $8.5 million from Fortress Investment Group secured by the 104,526-square-foot, four-unit office building (O5) on 57 Willoughby Street on October 12, 2021.

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