- February 1, 2023: Vol. 15, Number 2

To read this full article you need to be subscribed to Institutional Real Estate Asia Pacific

Lendlease, Aware Super JV receives US$360m of construction financing for Brooklyn waterfront community

by Jennifer Molloy

A joint venture of Lendlease and Aware Super has received a US$360 million construction loan for 1 Java Street (rendering pictured), a 36-storey, mixed-use waterfront development in the Greenpoint neighbourhood of Brooklyn, New York adjacent to the East River in the United States. The property will feature 834 apartments, about 13,000 square feet (1,208 square metres) of destination retail space and an 18,000-square-foot (1,672-square-metre) public waterfront park connecting the property to the India Street Pier, which is served by the East River Ferry. The Greenpoint Avenue stop on the G line is three blocks east of the development, while multiple bus routes are nearby.

With anticipated completion in 2026, 1 Java Street will feature approximately 70 percent market-rate apartment units and 30 percent affordable-housing units under the Affordable New York Housing Programme.

“The ability of this project to attract debt financing in the current market verifies our share

Forgot your username or password?