Brooklyn developer Investmates has sealed $81 million of construction financing to build a condominium project in Greenpoint, Commercial Observer can first report.
S3 Capital provided the loan for Investmates’ planned 68-unit condo development at 19-29 Clay Street, near the intersection with Commercial Street in northern Greenpoint. Investmates filed permits to construct the 14-story residential building with roughly 14,000 square feet of ground-floor retail space in September to replace a two-story structure built in 1931.
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Shawn Safdie, managing director at S3, led origination efforts for the deal. S3 also provided a $12.15 million land loan for the Greenpoint development site in 2022.
“The 19-29 Clay Street loan reflects the strength of our deep relationships with seasoned local developers in highly desirable submarkets,” Safdie said in a statement.
The condo tower, which is slated for completion in fall 2027, will have a mix of one- to four-bedroom condos. Community amenities will include coworking space, a children’s playroom, and a pet spa.
Investmates co-founders Koby Telyas and Idan Shitrit said in a joint statement that
Greenpoint and Brooklyn overall has an “enduring appeal” and “continues to attract new residents and investment.”
Andrew Coen can be reached at acoen@commercialobserver.com.