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$50M from S3 Finances Clinton Hill Residential
S3 Capital Partners provided a $50-million loan to the Loketch Group and Meral Property Group for the renovation of 10 Quincy St. and the ground-up development of 26 Quincy St. in Brooklyn’s Clinton Hill neighborhood. The financing closed on Dec. 30.
The proposed development will feature the renovation of 10 Quincy St.’s existing structure into condominiums, and also the ground-up development at 26 Quincy St. The overall development will include a total of 90 units and parking spaces.
Shawn Safdie worked on the transaction for S3. It’s the second loan S3 has closed with the developers in the past year, following a development loan in June for 444 Clinton Ave. and 435 Vanderbilt Ave., also in Clinton Hill.
Robert Schwartz, co-founder and principal of S3, said the two properties “will bring state-of-the-art architecture and design to the neighborhood.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
