{"id":159408,"date":"2026-03-10T17:32:28","date_gmt":"2026-03-10T17:32:28","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/159408\/"},"modified":"2026-03-10T17:32:28","modified_gmt":"2026-03-10T17:32:28","slug":"s3-capital-lends-49m-for-new-jersey-multifamily-project-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/159408\/","title":{"rendered":"S3 Capital Lends $49M for New Jersey Multifamily Project \u2013 Commercial Observer"},"content":{"rendered":"<p>Development firm RedHoek+ has landed $49 million of construction financing to develop a multifamily project in New Jersey\u2019s Monmouth County, Commercial Observer has learned.<\/p>\n<p><a href=\"https:\/\/commercialobserver.com\/company\/s3-capital\/\" title=\"S3 Capital\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">S3 Capital<\/a> provided the loan for the developer\u2019s planned rental housing development in Allenhurst, N.J., that will feature 28 townhomes and 23 apartments designated as affordable housing.<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2026\/03\/citi-experts-reit-growth-2026\/\" rel=\"nofollow noopener\" target=\"_blank\">Citi Experts Believe Demand, Better Fundamentals Will Spur REIT Growth in 2026<\/a><\/p>\n<p>\u201cIn markets with meaningful barriers to entry like Allenhurst, the margin for error is small and execution becomes critical,\u201d Steven Jemal, managing director of originations at S3, said in a statement. \u201cProjects that are appropriately scaled and aligned with local demand tend to perform well over time, which was central to our underwriting.\u201d<\/p>\n<p>Shawn Safdie, head of origination at S3 Capital, led the deal for the private lender.<\/p>\n<p>The RedHoek+ project is part of a broader <a target=\"_blank\" rel=\"noopener nofollow\" href=\"https:\/\/www.allenhurstnj.org\/sites\/g\/files\/vyhlif5496\/f\/agendas\/agenda_-_1-9-2024_-_main_street_redevelopment_plan_final.pdf\">development project<\/a> on Main Street in Allenhurst that also includes plans for a 30-unit condominium building. Allenhurst, which is 60 miles south of Midtown Manhattan along the Jersey Shore, has a low supply of rental housing, which positions the property for success, according to Brooklyn-based RedHoak.<\/p>\n<p>\u201cAllenhurst is one of the most coveted addresses on the Jersey Shore,\u201d Lee Cohen, CEO of RedHoek+, said in a statement.<\/p>\n<p>Andrew Coen can be reached at <a href=\"https:\/\/commercialobserver.com\/2026\/03\/s3-capital-new-jersey-apartments-monmouth-county\/mailto:acoen@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">acoen@commercialobserver.com<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Development firm RedHoek+ has landed $49 million of construction financing to develop a multifamily project in New Jersey\u2019s&hellip;\n","protected":false},"author":2,"featured_media":159409,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[65712,75,84,83,9,24,63,17288,65713],"class_list":["post-159408","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-lee-cohen","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc","tag-shawn-safdie","tag-steven-jemal"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/159408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=159408"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/159408\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/159409"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=159408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=159408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=159408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}