S3 Capital Lends $50M for 2 Brooklyn Projects
The developers will use part of the financing to remodel a 120-year-old warehouse into a condo building.
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Loketch Group and Meral Property Group have scored a $50 million loan for the redevelopment of 10 Quincy St. and the ground-up construction of 26 Quincy St., two residential projects totaling 90 units in Brooklyn, N.Y. S3 Capital Partners provided the financing, with Shawn Safdie leading the transaction. In June, S3 Capital provided a $140 million loan for a mixed-use development taking shape in South Bronx.
The existing building at 10 Quincy St. is a former warehouse dating from 1899 that also housed a Salvation Army store. The developers intend to reshape the 120-year-old asset to house 46 condominiums, according to Brownstoner. The adjacent development at 26 Quincy St.t will encompass 41 rental apartments across five floors and will feature underground parking.
The two residential projects are between Downing Street and Classon Avenue in the Clinton Hill neighborhood, minutes from downtown Brooklyn. Surrounded by numerous restaurants, the location is easily accessible by public transport via the nearby A, C and G trains.
