A twelve-story condominium building has received funding for its imminent rise at 70 Schermerhorn Street, in Brooklyn Heights, Brooklyn. The announcement comes from JLL’s Capital Markets, who raised $42.1 million in joint-venture equity from a $512 million fund managed by The Davis Companies. The capital will be allocated for construction financing. Lonicera Partners and Orange Management are behind the project, and the news comes also comes with a rendering.
Permits were filed for the site in August of 2017. The 125-foot tall structure yields 86,000 square feet, with 68,640 square feet dedicated to residential use. 59 units will be created, averaging 1,163 square feet, indicating condominiums. A 3,000 square foot rentable retail space will be situated on the ground floor.
Eugene Colberg is responsible for the design.
Demolition permits were filed for the existing site in late December of 2017. The estimated completion date has not been announced.