Savanna signs $181M new construction loan with PIMCO, total loan is $264M

Savanna through the entity 141 Willoughby Property Investors, LLC as borrower signed a new construction loan with lender PIMCO through the entity Pcred Lending VII LLC valued at $181 million for the 400,000-square-foot office and retail new development at 141 Willoughby Street in Fort Greene, Brooklyn.
The deal closed on May 7, 2021 and was recorded on May 25, 2021.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $16,000.
This is a construction loan and the first recorded debt Savanna has taken since buying the property for $100 million. The loan is a $96.4 million building loan and a $84.6 million project loan. The Commercial Observer reported the total debt with secured and mezzanine from CarVal Investors was $264 million.

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