S3 Capital Lends $49M for New Jersey Multifamily Project
By Andrew Coen March 9, 2026 12:08 pm
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Development firm RedHoek+ has landed $49 million of construction financing to develop a multifamily project in New Jersey’s Monmouth County, Commercial Observer has learned.
S3 Capital provided the loan for the developer’s planned rental housing development in Allenhurst, N.J., that will feature 28 townhomes and 23 apartments designated as affordable housing.
“In markets with meaningful barriers to entry like Allenhurst, the margin for error is small and execution becomes critical,” Steven Jemal, managing director of originations at S3, said in a statement. “Projects that are appropriately scaled and aligned with local demand tend to perform well over time, which was central to our underwriting.”
The RedHoek+ project is part of a broader development project on Main Street in Allenhurst that also includes plans for a 30-unit condominium building. Allenhurst, which is 60 miles south of Midtown Manhattan along the Jersey Shore, has a low supply of rental housing, which positions the property for success, according to Brooklyn-based RedHoak.
“Allenhurst is one of the most coveted addresses on the Jersey Shore,” Lee Cohen, CEO of RedHoek+, said in a statement.
Andrew Coen can be reached at acoen@commercialobserver.com.
