A joint venture between Lonicera Partners and Orange Management has secured equity from a fund managed by The Davis Cos. to develop a mixed-use luxury residential condominium project in Brooklyn, N.Y. The companies also landed $42.1 million in construction financing with a three-year term, provided by Bank of the Ozarks. JLL’s Capital Markets team of Managing Directors Jonathan Schwartz and Keith Kurland, along with Executive Vice President Mark Fisher arranged the financing and equity placement.
Located at 70 Schermerhorn St., the building is currently a 32,000-square-foot health center on the border of Brooklyn Heights and downtown, adjacent to an area subject to strict landmark protection. The new development will feature 86,000 square feet across 12 stories plus a penthouse level. It will comprise 59 luxury apartments and 3,000 square feet of ground-floor retail space.
“We are thrilled to be partners in this real estate project which will be designed contextually to reflect Brooklyn Heights authentic neighborhood look and feel,” said Quentin Reynolds, managing director of acquisitions for The Davis Cos. “It’s also the perfect landing point for families who want convenient access to Lower Manhattan with proximity to nine subway lines and connectivity throughout all of New York City.”
Image courtesy of JLL