At a glance
- The borrower is a joint venture of Grand Cru Real Estate and Visabe; the 20-story building will hold one- to five-bedroom units with a full-time doorman, fitness center, recreation lounge and children's playroom.
- The loan works out to $1.875 million of debt per condo.
- Steven Jemal, S3's senior managing director of origination, pointed to that earlier project.
S3 Capital originated $52.5 million of construction financing for a 28-unit condominium tower at 1527 York Avenue on Manhattan's Upper East Side, Commercial Observer reported on Oct. 19, citing S3 executives and the borrower.
The borrower is a joint venture of Grand Cru Real Estate and Visabe; the 20-story building will hold one- to five-bedroom units with a full-time doorman, fitness center, recreation lounge and children's playroom. Oak CM is construction manager and general contractor, and construction is slated to begin in early 2027.
The loan works out to $1.875 million of debt per condo. It is S3's second construction loan for a Grand Cru Real Estate condo project on the Upper East Side, following 439 East 77th Street four blocks south.
Steven Jemal, S3's senior managing director of origination, pointed to that earlier project. Shawn Safdie, head of origination at S3, said that Grand Cru Real Estate's execution on the recent project gave the lender confidence to partner again, and Salomon Cojab, principal of Grand Cru Real Estate, said the new tower expands the Grand Cru Real Estate and Visabe footprint following the 77th Street development.
Reported by the Real estate debt desk from Commercial Observer. Published . Corrections