Chris Schlank’s Savanna has secured $264 million in construction financing from PIMCO + CarVal Investors for its office-and-retail project at 141 Willoughby Street in Downtown Brooklyn, CO first reported.
Dig Deeper: The developer broke ground on the 400,000-SF office project late last year. The development sits diagonally across from Willoughby Square Park, the one-acre park planned by the New York City Economic Development Corporation.
Worth Noting: PIMCO provided senior loan, while CarVal Investors provided the mezz piece.
Flashback: Savanna paid the Institute of Design and Construction $28 million for the site in 2014, and added a nearby vacant lot in 2018. The project was designed by Fogarty Finger, and SLCE is the executive architect.
Heard on the Street: Savanna’s Cooper Kramer: “Assembling construction financing for a major ground-up commercial development is a significant feat in the best of times, and to do so successfully during an unprecedented pandemic reaffirms our belief in the 141 Willoughby vision and Savanna’s commitment to New York City.”
Brokers: JLL’s Aaron Niedermayer and Kelly Gaines facilitated the deal. Danielle Ash of Duval & Stachenfeld LLP served as legal counsel for Savanna on the transaction. The Gibson, Dunn & Crutcher LLP team of Mark Osher, Eric Steiglitz, Charlie Weiss, Brian Kniesly and Sabina Jacobs represented CarVal Investors. [CO+REW]
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