NEW YORK, February 23, 2018 – JLL’s Capital Markets today announced that the firm raised joint venture equity from a fund managed by The Davis Companies for a 12-story, mixed-use luxury residential condominium project being developed by a partnership between Lonicera Partners and Orange Management. JLL also secured $42.1 million in construction financing for the Brooklyn Heights project, which is located at 70 Schermerhorn Street, Brooklyn, New York. Bank of the Ozarks provided the loan with a term of three years.
Managing Directors Jonathan Schwartz and Keith Kurland, and Executive Vice President Mark Fisher led the JLL team on the financing and equity placement.
The 86,000 gross-square-foot, 12-story plus penthouse project will be comprised of 59 luxury residential units and approximately 3,000 rentable square feet of retail space.
“High-quality sponsors continue to find lenders who will give them favorable terms for projects like 70 Schermerhorn Street,” said Schwartz. “As the city center continues to expand, developers and residents are taking advantage of relative discounts in areas like Brooklyn Heights, driving demand for luxury condos.”
Added Kurland, “Lenders are in lockstep with investors when it comes to demand for luxury product in New York. Underwriting remains disciplined, but high-end developments will continue to pique lender interest.”
The building is currently a 32,000-square-foot health center on the border of Brooklyn Heights and Downtown Brooklyn. The property sits adjacent to an area that is subject to strict landmark protection, making it a rare new development in the area.
“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,” stated Quentin Reynolds, Managing Director of Acquisitions for The Davis Companies. “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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally. For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
About The Davis Companies
The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet of office, multi-family, retail, hospitality, light industrial, healthcare and bioscience properties across the Eastern United States. For further information, visit www.thedaviscompanies.com.
Contact: Scott Sutton
Phone: +1 312-228-2863