S3 Capital Partners LP, a New York City-based private lending platform, has provided a $50 million loan to the Loketch Group and Meral Property Group for the renovation of 10 Quincy Street and for the ground-up development of 26 Quincy Street in the Clinton Hill neighborhood of Brooklyn. The financing closed on December 30, 2019.
“We are pleased to continue our productive relationship with the Loketch Group and Meral Property Group,” said Robert Schwartz, co-founder and principal of S3 Capital. “These two dynamic properties will bring state-of-the-art architecture and design to the neighborhood.”
The proposed development will feature the renovation of 10 Quincy Street’s existing structure into condominiums, and also the ground-up development at 26 Quincy Street. The overall development will include a total of 90 units and parking spaces.
Shawn Safdie worked on the transaction for S3 Capital Partners. This is the second loan S3 Capital has closed with the developers in the past year
