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Tishman Speyer lands $380M to develop 11 Hoyt Street

JPMorgan Chase provided the construction financing

Rendering of 11 Hoyt Street (Credit: Tishman Speyer)

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.

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