Skip to content
Thursday, October 29, 2026 · Today’s edition, 6:30 a.m. ETThu, Oct 29 · 6:30 a.m. editionSign inMy Desk 0EditionsSign in

S3 Capital writes $35M construction loan to finish Casa Princeton

The final phase is financed on the strength of the community's own lease-up record.

At a glance

  1. The third and final phase adds an eight-story, 162-unit building and a two-story parking garage to a campus that already holds 212 units across two earlier phases.
  2. The underwriting leans on the first two phases.
  3. Aconcagua Group, a Miami-based developer with more than 3,000 residential units delivered across the U.S. and Latin America, sponsors the project.

S3 Capital has written a $35 million construction loan to complete Casa Princeton, a 374-unit multifamily community at 12867 SW 248th Street in Princeton, Florida, IREI reported. The third and final phase adds an eight-story, 162-unit building and a two-story parking garage to a campus that already holds 212 units across two earlier phases.

The underwriting leans on the first two phases. Phase I is delivered and stabilized. Phase II came online in March 2026 and is roughly 40 percent leased. That record gives the lender something most construction loans lack: observed demand for the exact product being built, rather than projected absorption.

Aconcagua Group, a Miami-based developer with more than 3,000 residential units delivered across the U.S. and Latin America, sponsors the project. T&G Constructors, the general contractor on the first two phases, is continuing in that role. The units are one- and two-bedroom apartments with a clubhouse, co-working space, pool, fitness center, playground, and dog park.

Steven Jemal, S3's managing director of origination, told IREI the early phases' absorption validated demand in the 'attainable housing' segment and gave the lender conviction.

A live lease-up test

Construction lenders often underwrite to a rent roll that exists only on a spreadsheet. Here, the rent roll is real. Phase II's 40 percent lease-up is neither a triumph nor a failure, but it is honest data on how the market prices attainable housing in South Florida. The absorption is the collateral.

At roughly $216,000 per unit, the loan is a middle-market ticket too small for institutional towers and too structured for a standard bank product. Specialized private credit earns its spread in that gap.

The real test is Phase II's path from 40 percent to stabilization. If it fills quickly, Aconcagua has a repeatable template and S3 has a model it can trust elsewhere. If it stalls, the next similar loan gets underwritten with more caution.

Reported by the Real estate debt desk from IREI. Published . Updated Oct 26, 2026 · 10:46 p.m. ET. Corrections

Related

Real Estate

S3 Capital lends $35M for Casa Princeton's final phase

Private capital is underwriting the final phase of a 374-unit Florida multifamily community.

Real Estate

S3 Capital lends $52.5M for 28-unit Upper East Side condo tower

Grand Cru Real Estate and Visabe plan a 20-story building at 1527 York Avenue, with construction slated to begin in early 2027.

Real Estate

Debt fund closings thinned, but the sizes held

One $1 billion first-quarter close and a $1.3 billion second-quarter hard cap, with 72 debt funds still marketing, left a shortfall measured in closings rather than dollars.

Real Estate

CMBS delinquency rate rises 15 bps to 4.97% in third quarter

Life company loan delinquencies rose 14 bps to 1.33% and FHA fell 16 bps to 0.90%, the MBA's CREF survey shows.

Real Estate

JLL arranges $135M debt and equity for Yonkers apartment tower

Bank OZK is the senior construction lender and Eagle Realty Group the LP equity investor on the 282-unit Ibex at Ridge Hill.

Private Real Estate Dailyfrom Private Wealth Daily

Non-traded REITs, data centers, industrial and manager fundraising. Daily at 7:20 a.m. ET.

Free. Every morning. Unsubscribe from any edition in one click.

From other sections