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May 9, 2023

Mizuho Americas remains at the forefront of sustainability acting as joint lead arranger on construction loan for largest geothermal residential apartment complex in the U.S. 

Mizuho closed a $100 million commitment as a joint lead arranger on a $360 million construction loan for Lendlease, which will finance the development of One Java, the largest geothermal residential apartment complex in the U.S. 

The property will implement an innovative geothermal system in lieu of traditional heating and cooling systems, which will lower carbon emissions by 46%. Using geothermal energy will reduce its greenhouse gas emissions by an estimated 53%. Costing approximately 6% more to build, the return on investment is attractive on the back of projected energy cost savings. 

The 36-story, 834-apartment multifamily development, split across five towers will be built along the Greenpoint waterfront in Brooklyn.

Additionally, the property will have 251 affordable units, approximately 30% of the total for residents earning below 130% of the area’s median income. Given the occupancy composition the transaction meets the standards under the community reinvestment act and once again demonstrates Mizuho’s commitment to sustainability. 

The property will be designed to meet Local Law 97, New York’s decarbonization legislation, and will target a range of sustainability initiatives including LEED Gold, Fitwel and Waterfront Edge Design Guidelines certification.

Mizuho continues to be one of LendLease’s top partners and has worked as MLA on 6 of the Australian company’s recent syndicated facilities. 

The property is slated for completion in 2025.

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