US construction lender S3 Capital has provided a $35m (€30.2m) construction loan to fund the third and final phase of the Casa Princeton multifamily community in Princeton, Florida.
The financing was arranged by Berkadia on behalf of developer Aconcagua Group.
The final phase at 12867 SW 248th Street will feature a 162-unit, eight-storey building alongside a two-storey parking facility, expanding the entire community to 374 units upon completion.
The development is expected to benefit from Florida’s Live Local property tax incentive programme, a state-level policy measure designed to encourage developers to build affordable and workforce housing.
Steven Jemal, managing director of origination at S3 Capital, said: “Casa Princeton speaks directly to the attainable housing gap we’re seeing in markets across Florida. The absorption of the initial phases has validated the underlying demand for the product, which gives us conviction as a lender.
“We look forward to supporting Aconcagua Group as they execute on the final phase.”
Robert Schwartz, managing principal at S3 Capital, said: “The Live Local programme is a practical example of public policy helping experienced developers deliver more housing where it is needed.
“We’re proud to participate in public-private partnership programmes like this, which make it economically possible to increase limited housing supplies and generate value for local communities, developers, and our own stakeholders.”
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