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.