OakNorth provides $79m of new funding to New York-based lending platform, S3 Capital. The new funding, split across two separate note-on-note facilities, will be used to develop a new 13-storey multi-family scheme in New Jersey, as well as develop 27 new condos in South-Central Brooklyn. The New Jersey site, located in North Bergen, will consist of 157 modern units with waterfront views of the Hudson River and the Manhattan skyline, in addition to numerous amenities including several meeting rooms, fitness suite and swimming pool, lounge area and EV charging points. The South-Central Brooklyn development, located in Midwood, will consist of two-bedroom, three two-bedroom, four-bedroom and six-bedroom units, as well as several private outdoor spaces, roof terrace, exercise suite and lounge areas.
About S3 Capital: Founded in 2013 by Joshua Crane and Robert Schwartz after they recognized a significant lack of institutional quality, middle market construction lenders in NYC, the firm has since become one of the most active private lenders nationally. Formed as the private lending arm of Spruce Capital Partners, the firm specializes in small balance loans under $20m and middle market loans up to $300m, successfully lending over $6.5b across 700+ transactions to date.