Affinius Capital provided $226 million in bridge debt to refinance 55 Willoughby, a 43-story multifamily building in Downtown Brooklyn, Commercial Observer reported. The property is owned by a joint venture between Lonicera Partners and Rabina.
The bridge debt will finance the 295-unit residential complex through ongoing lease-up and stabilization early next year. No broker was listed on the transaction.
What happened
Construction on 55 Willoughby, also known as House 55, began in June 2023. Located at 55 Willoughby Street near the intersection of Willoughby and Jay streets, the building contains 3,200 square feet of ground-floor retail space along with 10 studios, 256 one-bedrooms, and 29 two-bedrooms.
Brooke Cianfichi, head of capital markets at Lonicera Partners, described the broader market as volatile in statements reported by Commercial Observer, noting that the asset has seen an exceptionally strong lease-up to date. Perry Katz, executive director at Affinius Capital, called the property a high-quality asset in a supply-constrained submarket backed by sponsors with a proven record.
What it changes for a closing
For closing teams handling large multifamily bridge transactions, the deal highlights the documentation required when properties transition between initial development and full stabilization. Loan administration teams review active leasing records and unit turnover schedules across studios, one-bedrooms, and two-bedrooms to confirm progress toward benchmarks set for early next year.
With no intermediary broker listed on the deal, legal counsel and lender closing desks coordinate directly with joint venture sponsors. That direct posture requires title and closing staff to confirm organizational documents, construction timing dating back to June 2023, and ground-floor retail commitments while pacing debt terms to ongoing residential absorption.