SCG Capital signs $27.5M construction loan with S3 Capital for 2 projects in Bushwick

SCG Capital through the entity 962 Bushwick LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re 962 Bushwick Funding LLC valued at $27.5 million for a two-project development site at (M9) at 962 Bushwick Avenue in Bushwick, Brooklyn.

On these lots, there are two active new building construction projects, totaling 104,476 square feet. The largest, 321191429, is a new building project for a 40-unit, 52,238 square-foot R-2 building submitted by Joshua John with plans filed October 11, 2017 and permitted February 27, 2025. The second largest, 321191492, is a new building project for a 41-unit, 52,238 square-foot R-2 building submitted by Joshua John with plans filed October 17, 2017 and permitted February 27, 2025.
The deal closed on July 3, 2025 and was recorded on July 16, 2025. The prior lender was Skybrook Capital which held debt that had an original loan amount of $9 million.
The signatory for SCG Capital was Shimon Greenfeld . The signatory for S3 Capital was Joshua Crane .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $52,150 in ECB penalties and $28,400 in OATH penalties in the last year.

The neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 2 times the average sales volume among other neighborhoods with $526.9 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 904,845 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 962 Bushwick Avenue, PincusCo has identified the owners of four of the six commercial properties representing 131,392 square feet of the 155,056 square feet. The largest owner is Riseboro Community Partnership, followed by Grj, Llc and then Kung Ming Hu.
On the tax block, there were two new building construction projects totaling 104,476 square feet. The largest is a 33-unit, 52,238 square-foot residential (R-2) building submitted by Joshua John with plans filed October 17, 2017 and permitted December 5, 2024. The second largest is a 15-unit, 52,238 square-foot residential (R-2) building submitted by Joshua John with plans filed October 11, 2017 and permitted December 6, 2024.

The majority, or 77 percent of the 155,056 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Scg Capital owned at least one commercial property in New York City with 5,880 square feet and a city-determined market value of $902,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Bronx.

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