Key Takeaways
- • Lonicera Partners and Rabina secured a $226 million bridge loan for 55 Willoughby, a 295-unit Class A multifamily property in Downtown Brooklyn, to refinance the asset.
- • Affinius Capital originated the debt, which was placed through a joint venture between Lonicera and Rabina.
- • The bridge financing gives the sponsors flexibility to complete lease-up at the recently delivered property.
- • According to Lonicera's head of capital markets Brooke Cianfichi, lease-up numbers have been "exceptionally strong," with stabilization targeted for early 2027.
- • Affinius cited limited existing multifamily supply in Downtown Brooklyn and the asset's quality as the investment rationale.
Summary
The ownership of 55 Willoughby has secured a $226 million loan to refinance the new Class A multifamily property in Downtown Brooklyn. Lonicera Partners and Rabina arranged the debt through a joint venture, with Affinius Capital serving as originator of the financing.
The loan is structured as bridge financing, which provides the joint venture with flexibility to complete the lease-up of the 295-unit property. The asset was delivered earlier this year, and the financing allows the sponsors to execute their business plan while working to bring the building to stabilization.
According to Brooke Cianfichi, head of capital markets at Lonicera, lease-up activity at the property has been "exceptionally strong" to date. The two landlords expect the project to reach stabilization early in 2027.
Affinius Capital said it was drawn to the limited existing multifamily supply in Downtown Brooklyn and the quality of the asset. The firm also pointed to the submarket as an alternative for renters who cannot afford to live in Midtown Manhattan.
The loan is structured as bridge financing, which provides the joint venture with flexibility to complete the lease-up of the 295-unit property. The asset was delivered earlier this year, and the financing allows the sponsors to execute their business plan while working to bring the building to stabilization.
According to Brooke Cianfichi, head of capital markets at Lonicera, lease-up activity at the property has been "exceptionally strong" to date. The two landlords expect the project to reach stabilization early in 2027.
Affinius Capital said it was drawn to the limited existing multifamily supply in Downtown Brooklyn and the quality of the asset. The firm also pointed to the submarket as an alternative for renters who cannot afford to live in Midtown Manhattan.
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