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JEMB Realty lands financing to develop One Willoughby Square

Otéra Capital provided the debt for the office tower

Renderings of One Willoughby at 420 Albee Square (Credit: JEMB / KPF)

JEMB Realty has secured $235 million in construction financing from Otéra Capital for One Willoughby Square. With one-third of the building pre-leased, the project is expected to be completed in 2021. 

Development Plans: Upon completion, the Downtown Brooklyn office building will span 500,000 square feet. A public school will occupy the base of the property that has an address of 420 Albee Square (87,000 SF), according to GlobeSt.

Heard on the Street: Otéra Capital’s Martin Laroche” “We are appreciative of the opportunity to support JEMB with this high-quality project which will contribute to the ongoing positive transformation of Downtown Brooklyn.”

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