S3 Capital has announced the origination of a $49 million construction loan to finance the development of a new residential community in Allenhurst, N.J. The project will include 28 luxury townhomes and a 23-unit, fully affordable apartment building, representing the first two phases of a multi-phase condo development.
Located in the heart of Allenhurst, an exclusive coastal enclave in Monmouth County, the development will deliver new, high-quality housing in a market where new supply has historically been limited by geographic and zoning constraints.
“Allenhurst is a very close-knit community where demand is driven by highly localized buyer dynamics,” Shawn Safdie, head of origination at S3 Capital, said. “Deep community knowledge and strong local relationships are key components of delivering successful real estate projects in a submarket like this. Our familiarity with both the sponsor and the needs of the end buyers make us uniquely qualified to underwrite th
