S3 Capital borrows from Customers Bank to finance $54M Mott Haven construction loan

S3 Capital borrowed an undisclosed amount from Customers Bank as part of the $54 million construction loan financing it provided to Jacob Schwimmer for a new housing project at 276 Grand Concourse in Mott Haven, the Bronx.
The deal closed on November 6, 2020 and was recorded on February 1, 2021.

This is the collateral assignment of a new construction loan with a total principal of $54 million given to Jacob Schwimmer. Schwimmer is constructing a 215-unit residential building at the site.

The last time the property sold was October 23, 2018 for $10,300,000.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $25,000.

There has been one new building permit application. Those plans include a total of 215 residential units.

There have been 2 demolition projects filed over the past five years.

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