Oestreicher, GPB land $48M construction loan for Brooklyn condo

Financing for project at 211 Schermerhorn comes from CapitalSource

New York /
Aug.August 24, 2017 11:45 AM

Oestreicher Properties and GPB Capital Holdings received a $47.9 million construction loan for their long-awaited condominium project in Boerum Hill at 211 Schermerhorn Street.

The loan comes from middle-market lender CapitalSource, and financing was coordinated by Aaron Niedermayer, Aaron Appel and Brandon Krupetsky of JLL, according to the Commercial Observer.

The mixed-use Schermerhorn Street project will contain 48 units, a 1,138-square-foot rooftop terrace, a fitness center, a children’s playroom, a lounge and a media room. It will include 10,000 square feet of retail on the ground floor as well.

Developer Nicholas Cammarato paid $16 million to acquire the parcels that make up the condo site between 2013 and 2014 and then listed the site for $30 million in 2015. GPB bought the site from Cammarato that year for an undisclosed price and filed plans for the condo in February 2016. Sales at the condo should launch this fall. [CO] Eddie Small


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
A rendering of the project at 1 Park Row in the Financial District.
L.A.-based lender puts FiDi project into construction with $120M loan
L.A.-based lender puts FiDi project into construction with $120M loan
1133 Sixth Avenue, 114 West 47th Street, 537 Greenwich Street and 55 Broadway (Tdorante10/Wikimedia, Durst Organization, Easter Consolidated Google Maps)
These were the largest Manhattan real estate loans in May
These were the largest Manhattan real estate loans in May
Acting Katara CEO Andrew Humphries and 355 West 16th Street (Google Maps, AHIC)
Katara Hospitality takes over Dream Downtown’s $125M ground lease
Katara Hospitality takes over Dream Downtown’s $125M ground lease
Hartz Mountain Industries CEO Leonard Stern and 235 Pinelawn Road (Google Maps, Hartz Mountain)
Warehouse developer accused of violating “Long Island First” policy
Warehouse developer accused of violating “Long Island First” policy
Blooma founder Shayne Skaff (LinkedIn, iStock)
CRE fintech startup Blooma nabs $15M in funding
CRE fintech startup Blooma nabs $15M in funding
President Joe Biden (Getty, iStock)
What Joe Biden’s infrastructure plan holds for real estate
What Joe Biden’s infrastructure plan holds for real estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...