Digital bank OakNorth has provided $79 million of new funding to New York-based lending platform S3 Capital.
Founded in 2013 by Joshua Crane and Robert Schwartz after they recognized a significant “lack of institutional quality, middle market construction lenders in NYC, the firm has since become one of the most active private lenders nationally.”
Formed as the private lending arm of Spruce Capital Partners, the firm specializes in small balance loans under $20 million and middle market loans up to $300 million, having successfully lent over $6.5 billion across more than 700 transactions to date.
The $79m of new funding from OakNorth will be used to develop a new 13-storey multi-family scheme in New Jersey, as well as develop 27 new condos in South-Central Brooklyn.
The South-Central Brooklyn development, “located in Midwood, will consist of two-bedroom, three-bedroom, four-bedroom, and six-bedroom units, as well as several private outdoor spaces, a roof terrace, an exercise suite, and lounge areas.”
OakNorth is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
