Savanna secures $264m of debt financing for development in Brooklyn

Savanna, a New York City–based real estate investment manager and developer, has completed the construction financing of the 141 Willoughby St. development project in downtown Brooklyn, N.Y., the firm announced. Savanna secured $264 million of debt financing from lenders, including funds managed by CarVal Investors. With official groundbreaking completed in late 2020, Savanna is building a state-of-the-art, WELL certified, 400,000-square-foot office and retail building designed by Fogarty Finger/SLCE Architects.

“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,” said Cooper Kramer, managing director at Savanna. “We are thrilled to be joining with our development partners of Gilbane Building Company and SavCon and our lender partners on the deve