JPMorgan Chase has granted a $380.6m construction loan to Tishman Speyer for the development of 11 Hoyt. The project will border both downtown Brooklyn and brownstone Brooklyn along Hoyt and Livingston streets. Plans call for 480 units as well as 55,000 sq ft of indoor and outdoor amenity space, 41,000 sq ft of retail and parking for 150 cars. JLL negotiated the financing on behalf of the borrower.
“Completing the financing marks another major milestone for our first ground-up condominium project in New York, and we look forward to launching sales this summer. 11 Hoyt’s world-class design, unmatched amenity space and convenient, highly coveted location make this development truly one of a kind,” said Tishman Speyer CEO Rob Speyer.
