211 Schermerhorn Moving Ahead as Oestreicher Properties and GPB Capital Holdings, LLC. Secure $47.9 Million Construction Loan

211 Schermerhorn, a new ground-up luxury boutique condo building in Brooklyn’s historic Boerum Hill neighborhood, has secured a $47.9 million construction loan. 211 Schermerhorn is being developed by Oestreicher Properties, a fully integrated real estate, development and construction company, and GPB Capital Holdings, LLC, an asset management firm. The loan was funded by CapitalSource, a national middle market lender and a division of Pacific Western Bank, 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.”
 
The mixed-use 14-story residential development will feature 48 condominiums and was designed by acclaimed architect Morris Adjmi. Units range from 1 to 3-bedroom homes with custom interiors by Adjmi and top-of-the-line appliances. The building additionally includes 10,000 SF of ground floor retail space. Amenities include a 1,138 SF communal rooftop terrace offering panoramic views of Manhattan and the New York Harbor, a lounge and media room, fitness center, children’s playroom, bike storage and private storage units available for purchase.

Extell & Gary Barnett Closing in On $900 Million Construction Loan for the $4.02 Billion Central Park Tower

After a nearly 18 month search, Extell Development, led by visionary Gary Barnett, are closing in on securing a $900 million construction loan for Central Park Tower led by JPMorgan Chase. The loan, if finalized, would be one of the largest during the current development cycle. Central Park Tower is located on Billionaires' Row on Central Park South. The project is the first of its kind with a $4.02 billion sell-out for the ultra-luxury condo tower. Central Park Tower will be designed by Adrian Smith + Gordon Gill Architecture, rising 1,550 feet and will feature 179 luxury condo units.