BH3, Capstone land $208M construction loan for DoBro office-to-resi conversion
A never-occupied Downtown Brooklyn office tower will get a second life as a residential building after locking in a construction loan. Ran Eliasaf’s Northwind Group provided a $208 million loan for 141 Willoughby Street, a 24-story Class A tower that was completed in 2023 but never landed a tenant. BH3 Management and Capstone Equities are converting 16 upper floors into 239 rental apartments. The lower seven floors will remain office space. Capstone and BH3 acquired the 355,000-square-foot building from Savanna through a foreclosure last year. Savanna bought the site for $28 million in 2014. In 2021, about seven years after […]
This article originally appeared on The Real Deal. Click here to read the full story.
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