Manhattan Development Lands $79M Loan
Upon completion, the community will rise 28 stories.

Chess Builders has obtained a $79 million loan for the development of a 138-unit residential property at 250 W. 49th St. in Midtown Manhattan. S3 Capital issued the financing.
Currently under construction, the project is fully vested under the 421-a program and will benefit from a 35-year tax abatement.
The site is at the corner of Eighth Avenue and 49th Street in Midtown West, across the road from the 50 Street subway station and within 1 mile of Central Park, Times Square and Grand Central Terminal.
When complete, the community will rise 28 stories and include 2,500 square feet of ground-floor retail. Amenities are set to feature an art room, music room, library, screening room, fitness center, outdoor lounge, barbecue pit and outdoor cinema.
Chess Builders’ most recent project is 218 Front St., a 218-unit residential complex in Brooklyn. The firm also developed South Bronx’s first luxury rental tower dubbed The Arches in Mott Haven, a 430-unit property for which S3 Capital provided financing as well.
S3 Capital currently has a portfolio of more than 150 bridge and construction loans. One of them is a $66 million note financing the second phase of Atlantica at Town Center, a 700-plus apartment rental project in Davenport, Fla.