Partner in Northern Liberties' Schmidt's complex seeks to cash out

Oaktree Capital Management LP is looking to cash out of its stake in the Northern Liberties development known as Schmidt’s Commons, according to ownership partner Kushner Cos.

Kushner is “exploring a range of possibilities for Schmidt’s Commons in light of the fact that our partner is seeking to monetize its investment,” a company spokesman said Monday.

The spokesman declined to elaborate on those possibilities or whether they could include both partners selling their interests to a new buyer.

Oaktree did not immediately respond to an email asking about its intentions for the property.

Kushner, the New York-based firm formerly run by presidential adviser and son-in-law Jared Kushner, and Oaktree of Los Angeles acquired control of the property, then called the Piazza at Schmidt’s, in 2013 for a reported $130 million.

The development, centered near Second and Wildey Streets, consists of 500 apartments, 120,000 square feet of retail space, and a 30,000-square-foot WeWork shared office location at the former Schmidt’s brewery building.