S3 Capital provides $45M for Brooklyn apartment development

S3 Capital has provided $45 million in construction financing to GW Infinity for a new multifamily development in Williamsburg, Brooklyn. The project, located at 277 North Eighth Street, will consist of a 17-story building containing 99 units.

The development is situated on land controlled through a long-term ground lease with the Roman Catholic Church of Our Lady of Mount Carmel. Under New York City’s 485-x tax incentive program, 20 percent of the units will be designated as affordable housing. The financing was structured around the leasehold interest to allow construction to proceed without the immediate capital required to purchase the underlying land.