S3 Capital Makes Its First Residential Conversion Loan on Midtown Project
S3 Capital has originated a $102-million construction loan for 311 W. 43rd St., a 15-story, 168,299-square-foot office building in Manhattan’s Hell’s Kitchen neighborhood that’s slated for a 160-unit residential conversion with ground-floor retail. The transaction marks S3’s first office-to-residential conversion, following years of careful evaluation.
The project is led by sponsor Hershy Silberstein alongside general contractor Bluesky Builders, who together have delivered thousands of units. S3 has financed numerous prior projects with the sponsor and/or contractor.
“We’ve underwritten many office-to-residential conversions over the years, but this is the first where everything aligned,” said Shawn Safdie, head of origination at S3. “It starts with the sponsorship group, who we have developed a deep repeat relationship with. They’ve earned our trust by executing time and again. Combine that with one of Manhattan’s most supply-constrained submarkets and a building layout that’s ideal for a conversion project, and the decision to pursue this deal was easy.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout