Lendlease signs $450M refi loan with Ares for 834-unit rental in Greenpoint

Lendlease through the entity 1 Java Owner LLC as borrower signed a refi loan with lender Ares Management through the entity Ares Commercial Real Estate Servicer LLC valued at $450 million for the 834-unit residential elevator building (D6) at 1 Java Street in Greenpoint, Brooklyn.
The deal closed on February 6, 2026 and was recorded on February 17, 2026. The prior lender was Bank Of America which held debt that had an original loan amount of $360 million.The property has 782,136 square feet of built space and 536,760 square feet of additional air rights for a total buildable of 1,318,897 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $575 and the price per buildable square foot is $341 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on October 7, 2020, for $110.8 million. The signatory for Lendlease was Layth Madi and Margaret Spriggs. The signatory for Ares Management was Andrea Karp .

The property

The residential elevator building with 834 residential units in Greenpoint has 782,136 square feet of built space and 536,760 square feet of additional air rights for a total buildable of 1,318,897 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 1,160 feet deep with a total lot size of 219,086 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $12.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $12,400 in ECB penalties and $16,775 in OATH penalties in the last year.

Development

On the lot, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 1,725,636 square feet. The largest, 320912330, is a new building project for a 569-unit, 644,020 square-foot R-2 building submitted by RedSky Capital and filed by Thomas Alaimo with plans filed April 30, 2018 and it has not been permitted yet. The second largest, 320912401, is a new building project for a 202-unit, 644,020 square-foot R-2 building submitted by RedSky Capital and filed by Thomas Alaimo with plans filed May 3, 2018 and it has not been permitted yet.

The borrower

The PincusCo database currently indicates that Lendlease owned at least three commercial properties with 834 residential units in New York City with 1,648,708 square feet and a city-determined market value of $265.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 94 percent of the 1,648,708 square feet of built space are specialty properties, with development properties next occupying 6 percent of the space. They are all located in Brooklyn.

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