S3 Capital is proud to announce the origination of a $79 million construction loan for the acquisition and development of a premier 28-story, mixed-use rental building at 250 W 49th Street, located at the prominent corner of 8th Avenue and 49th Street in Midtown West, New York City.
This landmark development, spearheaded by seasoned local developer Chess Builders, will feature 138 class A rental units and 2,500 square feet of prime ground-floor retail space, enriching the already thriving Midtown West community. The building will offer a premier amenity package, including an art room, music room, golf simulator, library, screening room, fitness center, gym classroom, tenant lounge, billiards area, outdoor lounge, bocce court, Zen garden, rooftop lounge, BBQ pit, and an outdoor cinema. Fully vested under the 421-a program, the project will also benefit from a 35-year tax abatement, significantly enhancing its long-term value and appeal.
Chess Builders has an impressive track record of successful developments throughout the New York metropolitan area. Most recently, Chess Builders completed 218 Front Street, a best-in-class residential complex in Dumbo, Brookyln. Other notable projects include The Arches in Mott Haven—the first luxury rental tower in South Bronx, also financed by S3 Capital, which has been fully re-paid.
“This project exemplifies S3 Capital’s ongoing commitment to supporting transformative developments led by proven, experienced sponsors,” said Robert Schwartz, Co-Founder and Managing Principal at S3 Capital. “We have a strong history of partnering with Chess Builders, having financed another one of their successful projects, The Arches in Mott Haven. We are thrilled to once again collaborate with them to bring an exceptional new development to life in the iconic Midtown West neighborhood.”
S3 Capital is the lending arm of Spruce Capital Partners, a real estate investment firm that acquires and manages multi-family rental housing. S3 Capital is a national construction and bridge lender with significant expertise in development that positions it to streamline the construction process. The company offers a dedicated pool of capital, enabling it to promptly fund construction-related expenses and respond to the individual needs of borrowers. The firm has originated over $5.0 billion across more than 650+ loans and excels in financing small balance loans under $20 million and large balance loans up to more than $250 million. The firm currently has a portfolio of more than 150 active bridge and construction loans.
