New York City developer David Halberstam has landed $80 million for a Midtown, Manhattan residential project. The amount, provided by S3 Capital, serves as both a refinancing and construction loan.
The site is located at 303 East 44th Street in the Turtle Bay neighborhood, with the plans calling for a total of 131 units. Some of the one-bedroom and studios will be set aside for affordable housing, as Halberstam intends to reap the benefits of the 485-x tax abatement program. Two-bedroom units will also be included.
Amenities are set to include a fitness center, elevator, rooftop pool, full-time doorman, clubhouse, coworking lounge and a rock climbing wall.
This marks another chapter in the relationship of S3 Capital and Halberstam, who also has experience as a general contractor in the NYC area. Some developments the two have worked on together in the past include a 63-unit mixed-use rental building in Fort Greene, a 73-unit rental project in Downtown Brooklyn and other smaller projects.
"Unlike traditional lenders, the S3 team understands real estate fundamentals and their in-house construction team creates efficiencies for us throughout the development process," Halberstam said in a statement, regarding the continued partnership with S3 Capital.
The move from S3 Capital comes after the lender announced in February that it had raised $450 million in July from LB Real Estate Credit Fund III. The pool is focusing on providing construction and bridge financing that are senior secured and first lien for ground-up middle market multifamily developments. For Fund III, the company is hoping to raise another $200 million, while putting its hard cap at a total of $850 million.
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