Lonicera Partners and Orange Management obtained construction financing of $30M from Bank of the Ozarks

Lonicera Partners and Orange Management through the entity 70 Schermerhorn Owner, LLC as borrower signed a loan agreement with lender Bank of the Ozarks valued at $30.1 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 68 Schermerhorn Street in Brooklyn Heights. The deal closed on January 31, 2018 and was recorded on August 30, 2019. This construction loan is on top of $12 million in debt already provided to the borrowers, for a total of $42.1 million.

The average loan per buildable square foot is $532.
The last time the property sold was January 31, 2018, for $24,750,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 68,116 square feet. Those plans include a total of 59 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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