S3 Lends $48M on Midwood Condo Project
By Andrew Coen October 24, 2024 4:07 pm
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Lay Assets has landed $48 million of construction financing to build a condominium building in Midwood, Brooklyn, Commercial Observer has learned.
S3 Capital provided the loan on the developer’s planned 27-unit condo property at 1214 Ocean Parkway in south Brooklyn, according to the lender.
“Building off the success of our first luxury residential loan in Midwood, Opal Residences, we are delighted to expand our footprint in this vibrant neighborhood,” Shawn Safdie, head of originations at S3, said in a statement. “This partnership brings together a wealth of experience, a visionary approach and a strong track record of success in the Brooklyn market.”
Meridian Capital Group‘s Dovid Ostrov and Eliezer Finkel arranged the transaction.
Lay Assets filed building permits for the 1214 Ocean Parkway project in November 2023. The site was formerly a two-story house built in 1930.
S3 said that Lay Assets has made “significant progress” with the 1214 Ocean Parkway development since, completing the pre-development process and constructing much of the seven-story structure. The project is slated for completion in February 2026, according to S3.
South Brooklyn’s Midwood neighborhood has lately become a desired area for Lay Assets to tackle projects. It landed $30 million of takeout construction financing from Emerald Creek Capital in September for a planned 74-unit multifamily development at 1775 Coney Island Avenue, as CO first reported at the time.
Representatives at Lay Assets did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
