S3 Capital Partners, a New York City-based private lending platform, provided a $67.5 million loan to Brickbox Development and Newrock Partners for the construction of an 11-story, mixed-use residential and retail property at 3333 North Federal Highway in Fort Lauderdale, FL.
Located in the Oakland Park market, the 274-unit luxury rental property will offer 10 stories of apartments ranging from studios to two-bedrooms; an additional floor of enclosed amenity space; a neighboring eight-story garage with 500 spaces; and 19,250 square feet of retail space at the garage and the apartment building.
Other project highlights include a dog park, murals by local artists and a rooftop pool with contemporary design by noted architect Kobi Karp. The project is slated to begin in the third quarter of 2021 and construction is expected to last 20 months.
“This project is positioned to benefit from powerful market fundamentals, including a fast-recovering economy, a growing population and increased rental demand in the Fort Lauderdale area,” said Joshua Crane, co-founder and managing principal of S3 Capital.
“The need for high-quality rental product in the South Florida market continues to expand as the migration to the south advances,” said Robert Schwartz, co-founder and principal of S3 Capital. “This project is distinguished in the market by its engaging architecture, ideal location and proximity to area amenities.”
About S3 Capital Partners
S3 Capital Partners was established in 2013 by the Principals of Spruce Capital. S3 Capital offers a flexible platform that originates both smaller loans of between $1 million to $20 million, and larger loans of $20 million to over $250 million. Since its inception, S3 Capital has originated more than 320 first mortgages, with a current portfolio of 150 active loans totaling over $1.4 billion. S3 is currently the most active private debt lender in New York City. The firm has deep development experience and is especially well positioned to streamline the construction process. It has a committed pool of capital, funding construction draws and responding quickly to meet borrower needs.
About Spruce Capital Partners
Spruce Capital Partners is a privately-held, New York-based real estate investment firm that owns, develops and invests in real estate and real estate-related opportunities. Founded in 2007 by Joshua Crane and Robert Schwartz, Spruce’s primary focus is delivering superior risk-adjusted returns. The company achieves this through a creative, multi-faceted approach to identifying, structuring and executing deals. Since its inception, Spruce has invested in an array of real estate transactions with an aggregate value in excess of $5 billion.