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Courtesy of S3 Capital.

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NEW YORK CITY – S3 Capital Partners, a New York City-basedlending platform, has lent $50 million to the Loketch Group andMeral Property Group for the renovation of 10 Quincy St. and forthe ground-up development of 26 Quincy St. in the Clinton Hillsubmarket of Brooklyn.

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The property at 10 Quincy St.will be turned into condominiums, while 26 Quincy St. will serve asmultifamily apartment buildings, together they'll bring a total of90 new units and parking to the market that has experiencedsignificant recent residential development. 

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The proposed properties, locatedbetween Downing Street and Classon Avenue are walking distance todowntown Brooklyn, including the renovation of 10 Quincy St. intocondominiums, and also a ground-up apartment building developmentat 26 Quincy St. The properties will bring a total of 90 units andparking spaces to the market. 

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Clinton Hill is widely known asthe home to the prominent Pratt Institute and its transportationaccess to Manhattan via the nearby A, C and Gtrains. 

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This is the second loan S3Capital has closed with the developers in Clinton Hill over thepast year. In June, S3 Capital provided a loan for the developmentof seven new townhomes and 43 rental units at 444 Clinton Ave. and435 Vanderbilt Ave.

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"S3 Capital Partners is excitedto work with the Loketch Group and Meral Property Group, helping toadvance their successful development record in Clinton Hill," saidJoshua Crane, co-founder and principal of S3 Capital, in a preparedstatement.  "There is robust demand for both condos andrentals in Clinton Hill and these high-quality offerings will beembraced by the market."

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Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.