Courtesy of S3 Capital.
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."
|Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
