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

Aconcagua Group has obtained a $35 million construction loan from S3 Capital for the third and final phase of Casa Princeton, a multifamily community at 12867 SW 248th Street in Princeton, Florida. Berkadia arranged the financing, with Charles Foschini and Christopher Apone leading the team. T&G Constructors, the general contractor for Phases I and II, will build Phase III. Connect CRE reported the loan.

Phase III adds a 162-unit, eight-story building and a two-story structured parking garage, bringing the community to 374 units. The apartments are one- and two-bedroom units, drawn to a shared amenity package: clubhouse and event space, co-working areas, swimming pool, fitness center, playground, dog park and landscaped outdoor areas. The first two phases total 212 units, with Phase I delivered and stabilized and Phase II, delivered in March 2026, roughly 40% leased.

The loan amount is unremarkable; the lender's position is not. S3 is taking the tail of a staged development, where lease-up is unfinished and construction risk is highest. Phase II's 40% occupancy is the sort of number that gives a bank's construction committee pause. Private lenders have built a business pricing exactly this exposure in Florida's multifamily market. If Phase II fills on schedule, S3's money is cheap; if it stalls, the final 162 units land in a slower market. That uncertainty is what the loan is really financing.

For Aconcagua, the loan closes the capital stack for a project built in stages. For S3, it is a wager on the community's leasing momentum holding through the last building.