NEW YORK CITY — S3 Capital has provided a $210 million construction loan for a 28-story mixed-use project located at 6208 Eighth Ave. in the Sunset Park neighborhood of Brooklyn. Chicago-based Watermark Capital is the project’s sponsor. The company obtained the financing alongside its joint venture partner, Rubin Equities. Once completed, the development will consist of 497 apartment units and 100,000 square feet of retail space. Residents will have access to shared amenities such as a fitness center, rooftop terrace, bike storage, a yoga room, sauna, screening room and coworking spaces. The project is situated directly above the Eighth Avenue subway station. Prestige Construction will serve as the general contractor. An estimated completion date for the development was not disclosed. “We are thrilled to collaborate with Watermark Capital on this exciting project,” said Robert Schwartz, co-founder and partner at S3 Capital. “The Sunset Park housing market is significantly under-supplied, and this development will bring a substantial amount of in-demand, transit-oriented housing units to the community.” Morris Betesh, Alex Bailkin, Matt O’Hanlon and Israel Mermelstein of Arrow Real Estate Advisors arranged the loan on behalf of Watermark Capital. S3 Capital is wholly owned by Spruce Capital Partners, a New York City-based developer, owner, lender and investor. Since …
