Developers borrowed $42.1 million from Bank of the Ozarks, plus joint venture equity from a fund managed by The Davis Companies to build a 12-story luxury condominium tower at 70 Schermerhorn St. in Downtown Brooklyn.

Developed by Lonicera Partners and Orange Management, the high-rise will include 59 condominiums and 3,000 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 Jonathan Schwartz of JLL’s Capital Markets, who with Keith Kurland and Mark Fisher led the JLL team on the financing and equity placement.

The building is currently a 32,000-square-foot health center on the border of Brooklyn Heights and Downtown Brooklyn. The site is next door to an area that is subject to strict landmark protection, making it a rare new development in the area “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,” Schwartz added.

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