1 Java Street. Image courtesy of Lendlease
A joint venture between Lendlease and Aware Super has landed a major loan to help construct its 834-unit mixed-use development in Brooklyn. The project, 1 Java Street, received funding from a four-bank syndicate which was led by Bank of America and included Mizuho Bank, Oversea-Chinese Banking Corp., Limited, and TD Bank.
The joint venture started construction in June and is expected to complete the project in 2026. Lendlease and Aware Super, one of Australia’s largest superannuation funds, tapped Marvel as the project’s executive and design architect, as well as interior designer for the market-rate and affordable units. The joint venture also tapped INC as the interior designer for the public areas, while Crème will be the interior designer for the townhouses.
The 36-story apartment development will have 30 percent of its units designated as affordable housing at varying levels of affordability, including at 80 percent, 125 percent and 130 percent of the area median income. The joint venture is looking to emphasize sustainability with the design of 1 Java Street, which is expected to meet LEED Gold, Fitwel and Waterfront Edge Design Guidelines certifications.
The mixed-use development will also have 13,000 square feet of ground-floor retail space and an approximately 18,000-square-foot public waterfront park. The waterfront park connects to the India Street pier, giving residents access to the East River Ferry. Residents are also three blocks away from the Greenpoint Avenue station and multiple bus routes.
Developing mixed-use projects
The new development represents the sixth project between Lendlease and Aware Super. Elsewhere in New York, the joint venture is also working on Claremont Hall, a 41-story mixed-use building that will have approximately 165 condos in Manhattan’s Morningside Heights neighborhood. In California, Lendlease and Aware Super are building a 333-unit mixed-use development in San Francisco, along with a 260-unit mixed-use project in Los Angeles.
With a portfolio spread across the major U.S. metros, the firms also have the 440-unit luxury high-rise The Reed under construction in Chicago’s South Loop neighborhood. The 41-story project recently landed a $117 million loan from Cain International.
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