OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a $60.7m note-on-note facility to returning customer S3 Capital. The financing will support the ground-up development of 68 new luxury condominiums in Greenpoint, Brooklyn.
Located in one of Brooklyn’s most desirable waterfront neighbourhoods, the development will offer a modern collection of spacious one-, two-, three- and four-bedroom homes, with high-end finishes and private outdoor spaces for most units. Residents will benefit from premium amenities including a 24-hour concierge, landscaped rooftop garden, co-working lounge, fitness centre and children’s play area, alongside easy access to the G train, East River Ferry and Manhattan’s business districts. The transaction marks OakNorth’s fifth deal with S3 Capital, following recent loans supporting a major multifamily scheme in New Jersey and condo developments in South-Central Brooklyn.
About S3 Capital: Founded in 2013 by Joshua Crane and Robert Schwartz, S3 Capital is a New York-based lending platform and the private lending arm of Spruce Capital Partners, established to address a shortage of institutional-quality middle-market construction lenders in New York City. Now one of the most active private lenders nationally, the firm specialises in small balance loans under $20m and middle-market loans up to $300m, having lent over $6.5bn across more than 700 transactions to date.