S3 Capital Partners, a private lender, has arranged a $12,500,000 construction loan for two parcels located on Bedford Avenue in the Prospect Lefferts Gardens neighborhood of Brooklyn.
The property is a new ground-up development of 38 residential units and a community facility.
“The borrower required a unique structure and based on the value of the assets and experience and strength of the borrower, S3 was able to provide a favorable financing”, said Matan Kurman, vice president of S3 Capital Partners.
The loan was originated directly by S3, who had a relationship with the sponsor.
The sponsor purchased the two properties and began development in March 2015. S3 provided him with a refinance against the current structure and construction funding to finish the development. The project is expected to be completed in Q2 of 2018.