JEMB Realty said Wednesday it had recapitalized and refinanced One Willoughby Square, its 35-story, 500,000-square-foot Class A office tower in Downtown Brooklyn, with a $125-milion loan from Deutsche Bank. The transaction brings in new strategic partners and fresh equity, via a partnership with AVRS Partners and KSR Capital, led by Morris Sabbagh and Abraham Kassin.
Concurrently with the recapitalization announcement, JEMB has unveiled a prebuilt program that will feature suite sizes between 2,000 and 10,000 square feet, scheduled for delivery in the second quarter. The building also offers a leasing opportunity on its uppermost floors, levels 22 through 35.
“One Willoughby Square is now fully capitalized, refinanced, and has a strong team in place,” said Morris Jerome at JEMB Realty. “With new partners and a new leasing team, we now have a significant amount of capital committed to an aggressive pre-built and leasing campaign. With a fresh prebuilt program, we’re reintroducing this asset with renewed energy and momentum.”
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