US private real estate lender S3 Capital has provided an $81m (€70.4m) construction loan for a 68-unit luxury condominium property in New York being developed by Investmates.
S3 Capital said the loan is for a 14-storey condominium development at 19-29 Clay Street in Brooklyn’s Greenpoint neighbourhood, which also includes approximately 14,000sqft of ground-floor retail space.
S3 Capital has a prior relationship with Investmates, having financed multiple construction loans and provided the original $12.2m land loan for the Greenpoint development site in 2022.
Shawn Safdie, who led origination for S3 Capital on this deal, said: “Our flexible and efficient financing approach allows developers to quickly execute with confidence, which is why partners like Investmates continue to return to our platform.
“This deal is emblematic of S3’s full-service approach to partnering with developers throughout the full lifecycle of a construction project.”
In a joint statement, Investmates co-founders Koby Telyas and Idan Shitrit, said: “Brooklyn’s neighbourhoods, and Greenpoint in particular, have an enduring appeal that continues to attract new residents and investment.
“We’re excited to continue our long-term relationship with S3, whose deep experience in the New York City market, collaborative approach, and thoughtful financing structures have been essential to supporting many of our developments and moving this project forward.”
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