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Lonicera Partners Ground-Up Development

Representation of Lonicera Partners in developing a 290-unit, mixed use building located at 55 Willoughby Street, Brooklyn, New York, which is a qualified opportunity zone investment that will consist of approximately 223,000 square feet of residential space and 4,500 square feet of commercial space. Goulston & Storrs advised Lonicera on multiple aspects of the transaction, including the $48 million acquisition of the fee interest at 47-55 Willoughby Street and the associated purchase money mortgage in connection with such acquisition, the negotiation of joint venture agreements with capital partners to provide development capital for the project tax advice pertaining to qualified opportunity zone investments, and the acquisition of air rights at 57 Willoughby Street, Brooklyn, New York.