US real estate lender S3 Capital has provided a $45m (\u20ac30.8m) leasehold construction loan to GW Infinity for the development of a 17-storey residential project in Brooklyn, New York.<\/p>\n
The facility will finance 277 North 8th Street, a 99-unit residential scheme featuring ground-floor retail in Williamsburg.<\/p>\n
Shawn Safdie, head of origination at S3 Capital, said: \u201cThis loan is a great example of S3 Capital\u2019s ability to structure creative financing solutions for complex real estate transactions. This is our fifth loan with this sponsorship team in this neighbourhood, so we deeply understand the market and the nuances of developing here.<\/p>\n
\u201cWe also have a close relationship with the general contractor, which enabled us to create a seamless process for all parties involved. Our relationship-oriented approach allows us to embrace complexity and structure solutions that require a more tailored approach.\u201d<\/p>\n
Robert Schwartz, co-founder and managing principal at S3 Capital, said: \u201cThis transaction highlights how our development background and vertically integrated teams enable us to be creative in structuring tailored solutions that cater the specific needs of a project.<\/p>\n
\u201cWe focus on building enduring relationships with our borrowers to ultimately deliver differentiated loan products that work well for everyone involved.\u201d<\/p>\n