S3 Supplies $92M Construction Loan on Flushing Condos Project
By Andrew Coen April 19, 2024 3:37 pm
reprints
Sunlight Development has sealed $92 million of construction financing for its ground-up mixed-use condominium development in Flushing, Queens, Commercial Observer can first report.
S3 Capital Partners provided the loan on the developer’s planned 17-story project at 138-18 Northern Boulevard.
Located between Union Street and Bowne Street, the development will include 127 condos, 65,000 square feet of community facility space and 47,000 square feet of retail space. The property will also feature a basement, 30-foot-long rear yard, and 287 enclosed parking spaces.
“This project will enhance the neighborhood by providing superior residential options and community amenities,” Robert Schwartz, co-founder and principal of S3 Capital, said in a statement.
S3 previously supplied a $28 million acquisition loan to Sunlight in late 2022 for purchase of the development site, which was $48 million according to Traded. Completion of the project is slated for early 2024.
Architecture firm FXCollaborative designed the development.
Officials at Sunlight Development did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
