S3 Capital originated a $49-million construction loan to finance the development of a new residential community in Allenhurst, a costal enclave in Monmouth County, NJ. The project will include 28 luxury townhomes and a 23-unit fully affordable apartment building, representing the first two phases of a multi-phase residential development.
The project is being developed by RedHoek+, led by Lee Cohen, a longtime S3 borrower with whom the firm has completed seven transactions. Shawn Safdie, head of origination at S3 Capital, said, “Our familiarity with both the sponsor and the needs of the end buyers make us uniquely qualified to underwrite this financing with precision, and to provide construction capital efficiently.”
The townhouse component will consist of 28 four-bedroom residences featuring attached garages, modern layouts and high-end finishes. The apartment building will provide 23 affordable rental units. The broader development plan includes additional future residential phases, including a 30-plus-unit condominium building.
Photo: Allenhurst Residential Historic District. Photo by Apc 106.
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