Oestreicher Properties and GPB Capital Holdings, LLC Secure $47.9 Million Construction Loan For 211 SchermerhornAugust 23, 2017
NEW YORK, NY – August 23, 2017 – Oestreicher Properties, a fully integrated real estate, development and construction company, and GPB Capital Holdings, LLC, an asset management firm, announced today the closing of construction financing for 211 Schermerhorn, a new ground-up boutique condominium building by acclaimed architect Morris Adjmi. CapitalSource, a national middle market lender and a division of Pacific Western Bank, provided a $47.9 million condominium construction loan for this luxury residential building and JLL’s Aaron Niedermayer, Aaron Appel and Brandon Krupetsky coordinated financing.
“We are extremely pleased to have closed on this transaction and have construction for 211 Schermerhorn underway,” says Debbie Tsabari, President of Oestreicher Properties. “The financing package affirms the long-term value of this coveted neighborhood and we look forward to a successful launch of sales and marketing this fall.”
211 Schermerhorn is located in Brooklyn’s historic Boerum Hill neighborhood. The mixed-use 14-story residential development will feature 48 condominiums ranging from one to three-bedroom homes with custom interiors by Adjmi and top-of-the-line appliances. The building additionally includes 10,000 square feet of ground floor retail space. Residents will have access to an extensive suite of lifestyle amenities and services including an 1,138 square foot communal rooftop terrace offering panoramic views of Manhattan and the New York Harbor, a lounge and media room, fitness center and children’s playroom. Other services include a 24-hour attended lobby, bike storage and private storage units available for purchase.
Conveniently located steps away from a range of subway options including the A, C, R, 2 and 3 lines, residents will enjoy a 10-minute ride to Lower Manhattan. Sales are slated to launch this fall with the unveiling of a sales and design gallery at 333 Atlantic Avenue in Brooklyn. Stribling Marketing Associates is the exclusive sales and marketing firm for 211 Schermerhorn.
For more information, visit www.211Schermerhorn.com.
About Oestreicher Properties
Oestreicher Properties is a family-owned and privately operated fully integrated real estate, development, and construction company. Oestreicher is known for celebrated buildings in the New York area, including 430 Park Avenue, 160 Water Street, 708 Third Avenue, Princeton Commerce Center and Cobblestone Lofts.
About GPB Capital Holdings, LLC
GPB Capital is a New York-based asset management firm. GPB Capital provides their portfolio company operators with the strategic planning, managerial insight and capital needed to enable strong businesses to achieve the next level of growth and profitability. GPB Capital has over $1.2 billion in assets under management ([i]) and has acquired or invested in over 100 portfolio companies. For more information, please visit www.gpb-cap.com.
[i] Which is different and distinct from GPB Capital’s “Regulatory AUM.”