Jamestown invests in SDS Procida’s troubled be@Schermerhorn
Jamestown Properties has purchased the mortgage for be@Schermerhorn at 189 Schermerhorn Street in Downtown Brooklyn. The asset management company, which has headquarters in Atlanta, Ga. and Germany, said that it was in a unique position to invest in the 246-unit condominium, developed by SDS Procida and scheduled to be completed early next year.
The building, which is between Smith and Hoyt streets, will definitely be going condo, not rental, according to the spokesperson, despite speculation otherwise. The Real Deal reported in its November issue that the condo’s sales figures were lagging, while other media outlets reported this month that the development was 90 percent vacant.
“We are committed to the Brooklyn market,” Matt Bronfman, COO of Jamestown Properties, said in a statement released today. “We believe our ability as a highly liquid investment company, coupled with the seasoned market knowledge of SDS Procida, will deliver a successful project.”
The two parties involved have agreed to not publicly discuss the financial details of the mortgage purchase, according to a shared spokesperson for Jamestown and SDS Procida. Jamestown reportedly leapt at the opportunity to invest in the Schermerhorn development, the spokesperson said, and is “looking for more opportunities like this” for future investment.
In the statement released today, Louis Greco, a principal with SDS Procida, said that he was delighted to resume development on the project.