The Real Deal New York

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

Financing for project at 211 Schermerhorn comes from CapitalSource
August 24, 2017 11:45AM

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