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.
The loan was provided to seasoned 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.
Halberstam noted, “We’ve developed a true partnership with S3 over the years, and we are thrilled to work with their team on another project. Unlike traditional lenders, the S3 team understands real estate fundamentals and their in-house construction team creates efficiencies for us throughout the development process.”
Joshua Crane, S3 Capital’s co-fou
