JPMorgan Chase provided the construction financing
Tishman Speyer has secured $380 million in construction financing for its condo project at 11 Hoyt Street, according to TRD. The Downtown Brooklyn project will contain 490 residential condos.
Loan Details: JPMorgan Chase was the “the lender of record” on the $340 million construction loan with Starwood Property Trust taking half on its books. iStar also provided $40 million in mezzanine financing.
Be Smart: With a total project cost of around $685 million, the loan-to-cost ratio is around 55.5 percent. Despite the slowdown in the condo market, there are still excellent financing options available.