JDS Development Group Featured in Crain's New York on $664 Million Construction Loan

Crain's New York | April 2019

The construction financing, provided by Otéra Capital Inc. and Silverstein Capital Partners, ended

a years-long quest for funding and cleared the way for vertical construction to begin. The JLL

Capital Markets team — led by Vice Chairmen Aaron Appel, Keith Kurland and Jonathan Schwartz

— secured the historic financing package.

Designed by SHoP Architects — JDS's longtime creative partner — the 1,066-foot tower would

incorporate the historic landmarked Dime Savings Bank of Brooklyn into its base, preserving the

stunning 1908 Beaux-Arts interior as retail space while the roof of the bank dome would become a

private outdoor lounge with a swimming pool for residents.

The 73-story tower planned to include 425 rental apartments (with 30% capped below market

rate), 150 condominiums, and 120,000 square feet of retail space. JDS purchased the bank and

its air rights for $95 million in 2016, investing heavily in the restoration of the historic landmark.

Silverstein Capital Partners — the debt fund of Larry Silverstein's Silverstein Properties, best

known for rebuilding the World Trade Center — provided its first-ever construction loan to fund the

Brooklyn supertall, a notable endorsement of JDS's capabilities and vision.

Read the full article here: Crain's New York Business