S3 Capital Lends $50M for Brooklyn Multifamily Development
The proposed properties include the renovation of 10 Quincy Street into condominiums, and also a ground-up apartment building development at 26 Quincy St.
NEW YORK CITY – S3 Capital Partners, a New York City-based lending platform, has lent $50 million to the Loketch Group and Meral Property Group for the renovation of 10 Quincy St. and for the ground-up development of 26 Quincy St. in the Clinton Hill submarket of Brooklyn.
The property at 10 Quincy St. will be turned into condominiums, while 26 Quincy St. will serve as multifamily apartment buildings, together they’ll bring a total of 90 new units and parking to the market that has experienced significant recent residential development.
The proposed properties, located between Downing Street and Classon Avenue are walking distance to downtown Brooklyn, including the renovation of 10 Quincy St. into condominiums, and also a ground-up apartment building development at 26 Quincy St. The properties will bring a total of 90 units and parking spaces to the market.
Clinton Hill is widely known as the home to the prominent Pratt Institute and its transportation access to Manhattan via the nearby A, C and G trains.
This is the second loan S3 Capital has closed with the developers in Clinton Hill over the past year. In June, S3 Capital provided a loan for the development of seven new townhomes and 43 rental units at 444 Clinton Ave. and 435 Vanderbilt Ave.
“S3 Capital Partners is excited to work with the Loketch Group and Meral Property Group, helping to advance their successful development record in Clinton Hill,” said Joshua Crane, co-founder and principal of S3 Capital, in a prepared statement. “There is robust demand for both condos and rentals in Clinton Hill and these high-quality offerings will be embraced by the market.”