S3 Supplies $25M Construction Loan for Upper East Side Condos
By Andrew Coen October 23, 2024 2:36 pm
reprints
Real estate investment company Visabe has landed $24.5 million of construction financing to build a condominium project on Manhattan’s Upper East Side, Commercial Observer can first report.
S3 Capital provided the loan on the family office’s planned 16-unit condo project at 439 East 77th Street.
Visabe is partnering with Urban Spring Capital on the project.
“This project represents an exciting addition to the Upper East Side real estate market,” Robert Schwartz, co-founder and principal at S3, said in a statement. “We are confident in the success of this development, given its location, the quality of the design, and the robust demand for luxury condos in Manhattan.”
Salomon Cojab Jr., director of U.S. operations at Visabe, said in a statement that the project, being designed by Arc Architecture + Design Studio and PKSB Architecture, will “provide high-quality condos” to the Upper East Side.
S3, the lending arm of Spruce Capital Partners, has originated more $5 billion from more than 650 loans. It has a current portfolio of over 150 active bridge and construction loans.
“We are excited to partner with Visabe Corporation, a family office with a rich legacy and proven track record in the tri-state area and beyond,” Steven Jemal, director of origination at S3, said in a statement. “Their blend of experience, vision and values aligns perfectly with the ethos of this project, and we look forward to seeing this development take shape on the Upper East Side.”
Andrew Coen can be reached at acoen@commercialobserver.com
