The $18.4m note-on-note loan from OakNorth will be used to support the development of 16 new condos located at 439 East 77th Street in Upper East Side, Manhattan. Consisting of three one-bedroom, three two-bedroom, and 10 three-bedroom units, the new scheme will offer numerous amenities, including a doorman, package room, bike room, lounge area, conference centre, and gym facilities. Located in one of Manhattan’s most prestigious neighbourhoods, the site is a short walk from John Jay Community Park which houses several basketball and handball courts, a children’s playground, and an outdoor swimming pool.
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 $6b across 600+ transactions to date.