The $26m note-on-note loan from OakNorth will be used to support the development of 19 new energy efficient condos located at 244-246 West 18th Street in Chelsea, Manhattan. Consisting of eight one-bedroom, four two-bedroom, three three-bedroom, three two-bedroom, two four-bedroom units, the new scheme will offer amenities such as a gym, playroom and storage facilities. Located in one of Manhattan’s most popular neighborhoods that offers residents bike lanes, and several dining, shopping and parking options nearby, the site is also a short walk from 14th and 23rd Street Stations, as well as Union Square.
About SME Capital Ventures: SME Capital Ventures is a platform that manages a series of discretionary real estate credit funds providing senior secured real estate loans collateralized by high quality real estate properties located in premier micro markets. As of 2025, SME Capital Ventures has structured, funded, participated and managed over $1B in high yield, risk adjusted loans through various market cycles. SME Capital Ventures is a private investment firm, based in Manhattan and was founded in 2012. SME specializes in credit investments with a focus on collateralized real estate backed opportunities. Since SME’s inception, we have maintained a detail-oriented approach to underwriting discounted, deep value acquisitions and originations. SME has excelled in providing high yield returns for investors by diversifying their capital within senior secured positions within the capital structure of well-located assets. Since inception, SME Capital Ventures has maintained a detail-oriented approach to underwriting, using a combination of fundamental and technical analysis to identify discounted and deep-value acquisition opportunities.