Candor Capital signs $12.5M construction loan with S3 Capital in Prospect Lefferts Gardens

Candor Capital through its Bless Winthrop LLC as borrower signed a new construction loan with lender S3 Capital through its S3 Re Funding III LLC valued at $12.5 million at 248-250 Winthrop Street in Prospect Lefferts Gdns, Brooklyn.
The deal closed on June 30, 2021 and was recorded on July 14, 2021.

(321591050) Plans for a 7-unit, 5,360 square-foot R-2 were filed on May 27, 2020.
Shlomo Sinay is co-owner of Candor Capital.
Within a 400-foot radius of 248-250 Winthrop Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, three were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $4.5 million and one initial temporary certificate of occupancy issuance for a project that initially costed $610,214. The most recent of these three items was the permit on November 18, 2020 for a 23,373-square-foot commercial B building with no residential units at 646 Parkside Avenue.
One of those five items was a sale which Michael Niamonitakis bought the seven-unit rental (C1) on 242 Hawthorne Street and one other property for $6.1 million from Mendel Deutsch on November 26, 2019.
One of those five items was a loan which Steven Fishman borrowed $5.2 million from Arbor Realty Trust secured by the 5,670-square-foot, six-unit rental (C2) on 609 Rogers Avenue and two other properties on April 30, 2021.

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