$48M Construction Loan for Brooklyn Condos

Developers borrowed $47.9 million to build 211 Schermerhorn, a 14-story condominium building that will be built from the ground up in the historic Boerum Hill neighborhood of Brooklyn.

“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,” said Debbie Tsabari, president of Oestreicher Properties, which has started construction on the building with its partners GPB Capital Holdings.

Designed by Morris Adjmi, the building will include 48 residential condominiums and 10,000 square feet of retail space. There will also be an 1,138-square-foot communal rooftop terrace. CapitalSource, a national middle market lender and a division of Pacific Western Bank, provided the loan, which was coordinated by JLL.

For comments, questions or concerns, please contact Bendix Anderson