Smith, Gambrell & Russell Represents Second Development Services in its $76 Million Financing of 285 Schermerhorn Street in Downtown Brooklyn

Press Release

November 14, 2018

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ATLANTA (November 14, 2018) – Smith, Gambrell & Russell, LLP (SGR) is pleased to announce the firm served as legal counsel to Second Development Services, Inc. (SDS) in its $53.25 million construction financing transaction with G4 Capital and $23.3 million mezzanine loan with Ares Capital for 285 Schermerhorn Street, which has been the Brooklyn Community Service’s (BCS) headquarters, in Downtown Brooklyn. As part of the financing, SGR also negotiated BCS’s temporary office relocation lease in Downtown Brooklyn for the service provider’s operations during the planned construction.

The seven-story building, occupied by not-for-profit BCS, will be expanded to add seven more floors atop the existing structure. Built in 1926, the office building will also undergo a significant renovation that will include completing necessary maintenance and repairs and an institutional quality modernization. BCS will retain its ownership of the existing condo unit which includes space in the cellar, as well as on the first and second floors. The balance of the cellar and ground floor is planned as 1,600 square feet of retail space, with floors three through 14 allocated for 129 residential condo units. Building resident amenities will include a roof level lounge and laundry facility adjacent to a roof top terrace.

The SGR legal team was led by New York Real Estate Practice Section Head and Partner Sean Altschul along with assistance from Partner Anne Pitter, Associate Jon Linder, and Partner Eliot Zuckerman also in the New York Real Estate Practice.

About Second Development Services, Inc.
Second Development Services, Inc. (SDS) is a leading developer of real estate properties in New York City. Since the first condo development over 30 years ago, SDS has utilized its proven experience in entitlement processes and construction management to develop real estate projects that provide a significant opportunity for investment appreciation. Visit www.sdsbrooklyn.com for more information.

About Smith, Gambrell & Russell, LLP
SGR is a full service, international law firm that advises regional, national and global businesses on a wide range of legal matters. The firm’s more than 220 attorneys provide legal counsel in more than 45 specialized practice areas, including corporate transactions, litigation, intellectual property, aviation, banking, real estate, construction and employment law. Founded in 1893, SGR has offices in Atlanta, Austin, Jacksonville, London, Los Angeles, Munich, New York, Southampton, and Washington, D.C.