Oestreicher Properties and its development partner GPB Capital Holdings have closed on a $47.9 million condominium construction loan. The project, 211 Schermerhorn, will feature a 14-story mixed-use building with 48 units and 10,000 sqf of retail on the ground floor. Located in Brooklyn’s historic Boerum Hill neighborhood, common amenities include a 1,138 sqf communal rooftop terrace offering panoramic views of Manhattan and the New York Harbor, a lounge and media room, fitness center and children’s playroom. The funding was arranged by Jones Lang LaSalle through CapitalSource, a national middle market lender and a division of Pacific Western Bank. “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.”
