S3 Capital Lends $210M to Build Sunset Park Resi Tower
By Andrew Coen March 18, 2025 11:23 am
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A joint venture between Watermark Capital and Rubin Equities has secured $210 million of construction financing to build a 28-story multifamily development in Brooklyn’s Sunset Park neighborhood, Commercial Observer has learned.
S3 Capital provided the loan on the sponsorship’s planned 497-unit apartment complex at 6208 Eighth Avenue, which will also include 100,000 square feet of retail space.
Arrow Real Estate Advisors arranged the deal with a team consisting of Morris Betesh, Alex Bailkin, Matt O’Hanlon and Israel Mermelstein.
Betesh, founder and managing partner of Arrow, told CO the development is attractive due to being a supply-constrained area of Brooklyn that has convenient subway access to Manhattan on the N and W trains.
“The Sunset Park neighborhood is very densely populated with a great demographic, and there’s not a lot of new supply,” Betesh said. “You have train access, centers of employment with Maimonides Medical Center a couple blocks away and a lot of medical providers in the neighborhood.”
The project is slated for completion within 24 months with Prestige Construction serving as general contractor, according to Arrow. Community amenities will feature a fitness center, a rooftop terrace, a yoga room, a sauna, a film room and coworking spaces.
“The Sunset Park housing market is significantly under-supplied, and this development will bring a substantial amount of in-demand, transit-oriented housing units to the community,” Robert Schwartz, co-founder and partner at S3 Capital, said in a statement.
The financing was originated by Shawn Safdie and Steven Jemal, managing directors of origination at S3.
Jemal said in a statement that the loan “underscores our confidence in the Brooklyn submarket and the unique opportunity to deliver housing to the New York City boroughs that need it most.”
Officials at Watermark Capital and Rubin Equities did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
