S3 Capital Provides $24.6 Million Loan For Development Site In Philadelphia

The asset involved in this transaction is a development site located at 3811 Main Street and 1217-1235 Spring Garden Street in Philadelphia, PA. The loan amount secured for this development is $24,600,000. This property is situated within a market experiencing a strong demand for multifamily housing, indicative of the city's supply constraints.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $24,600,000
• Lender: Steven Jemal
• Lender Agency: S3 Capital
• Market: Philadelphia, PA

S3 Capital has expanded its operations into Philadelphia, providing nearly $25 million in financing for two multifamily projects. This includes $11 million allocated for a new 36-unit development in Manayunk and $13.6 million for renovating the 73-unit Spring Lofts in Callowhill. The lender specializes in bridge and construction debt, reinforcing its national expansion strategy.