Developer Gets Loan for Downtown Brooklyn Office

canam eb5 downtown Brooklyn project

500,000-square-foot office tower is slated for completion in early 2021

The developer behind a Brooklyn downtown office project has landed a $235 million construction loan from a large Canadian real-estate lender.

JEMB Realty Corp. secured the loan from Otéra Capital, one of Canada’s largest real-estate debt providers, marking a milestone for One Willoughby Square, a 500,000-square-foot office tower, according to JEMB. Initially JEMB had planned a mixed-use residential building at the site, but switched course and announced the office development in 2015, as Brooklyn’s residential boom was in full swing.

JEMB, which owns office buildings in Montreal, has a long-term relationship with Otéra, said Morris Bailey, JEMB’s chairman.

The building, bordered by Willoughby, Duffield and Gold streets, is about a third leased, with architecture firm FXCollaborative Architects LLP taking about 40,000 square feet and a 300-seat public school slated to fill 87,000 square feet on the first six floors.

“We have one architect there and two or three we are talking to right now, but I think it will have a pretty broad base appeal to financial divisions that want to have a broad base in Brooklyn,” Mr. Bailey said.

The tower is expected to be completed by the first quarter of 2021.

Corrections & Amplifications
FXCollaborative Architects LLP is the name of an architecture firm leasing space in a building in Brooklyn. An earlier version of this article misspelled the company’s name. (July 23, 2018)

Write to Keiko Morris at Keiko.Morris@wsj.com

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