Residential construction lender S3 Capital has originated an $80-million refinance and construction loan for the development of a 131-unit rental development located at 303 E. 44th St. in Midtown Manhattan’s Turtle Bay neighborhood. The loan was provided to experienced New York City-area developer David Halberstam.

Halberstam has extensive experience in the greater New York City area as both a general contractor and developer. S3 Capital has financed numerous other projects for Halberstam and his team, including a 63-unit mixed-use rental building in Fort Greene and a 73-unit mixed use rental building in Downtown Brooklyn as well as a handful of smaller projects.

S3 Capital co-founder Joshua Crane said, “This project underscores the strength of our firm’s longstanding relationships with accomplished local developers in the greater New York City area.”

Site work has already begun, and completion is projected for the third quarter of 2027.

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