S3 Capital Partners, a New York City-based private lending platform serving clients nationally, has provided a $92 million construction loan to Lin Zhou’s Sunlight Development for the ground-up development of 138-18 Northern Boulevard in Flushing, NY.
Located in the heart of Flushing, Queens between Union Street and Bowne Street, the 17-story development will feature 127 residential condos featuring 65,000 square feet of community facility space, and 47,000 square feet of retail space. The property will also have a cellar, a 30-foot-long rear yard, and 287 enclosed parking spaces.
The site is ideally positioned within walking distance to the Main Street subway station, serviced by the 7 train, and 10 minutes from LaGuardia Airport. The retail space will feature a grocery store and food hall, and the community facility space will largely consist of medical offices to support Flushing’s thriving health industry.
“We are pleased to once again partner with a local sponsor who is building a standout project in Flushing’s growing market,” said Robert Schwartz, co-founder and principal of S3 Capital. “This project will enhance the neighborhood by providing superior residential options and community amenities.”
S3 previously provided $28 million for the acquisition of the site; demolition and foundation work is complete and development is underway. The Flushing sub-market is among the most dynamic neighborhoods in Queens and has become a hotbed for mixed-use development.
As one of the most active national private real estate lenders in the bridge and construction space, S3 provides loans between $1 million to $250 million or more.
About S3 Capital Partners
S3 Capital Partners is a NYC-based private real estate lender specializing in bridge and construction financing for the middle market nationally. S3 was established in 2013 when the founders recognized a lack of institutional quality, middle market lenders in NYC. Today, S3 is one of the most active lenders on the East Coast with a current portfolio in excess of 150 active loans totaling over $2.0 billion. Since its inception, S3 Capital has originated more than 600 loans totaling over $4.2 billion.
