S3 Capital Lends $35M for Aconcagua's Princeton Project

Miami developer Aconcagua Group has landed $35 million in construction financing from S3 Capital to complete the third and final phase of Casa Princeton, an apartment community in unincorporated Miami-Dade County, marking S3’s second Miami-area multifamily construction loan in just over a month.

Why it matters

Private lenders are still writing checks for ground-up multifamily even as banks stay cautious, and the deal shows financing following demand into workforce-housing submarkets outside the urban core. Casa Princeton’s second phase, delivered in March 2026, is already about 40 percent leased, giving the lender leasing data on the same project before it funded the next phase.

The numbers

Phase 3 will add an eight-story, 162-unit building at the northwest corner of Southwest 248th Street and Southwest 128th Avenue in Princeton, bringing the full Casa Princeton community to 374 units once complete. S3 Capital previously provided $111 million for HA Emprendimientos’ 328-unit Sense 22 tower in Miami’s Edgewater neighborhood, a loan the private lender closed on 2026-07-08. Berkadia’s Charles Foschini and Christopher Apone arranged the Casa Princeton debt.

“Casa Princeton speaks directly to the attainable housing gap we’re seeing in markets across Florida,” said Steven Jemal, S3 Capital’s managing director of origination.

The project uses Florida’s Live Local Act, which S3 managing principal Robert Schwartz credited for making the economics work. Amenities across the community include a clubhouse, pool, fitness center, coworking space and a dog park.

What’s next

With Phase 2 leasing up and Phase 3 now funded, Aconcagua is positioned to deliver the full 374-unit Casa Princeton on a rolling basis rather than waiting for one completion date. For developers watching South Florida’s workforce-housing pipeline, S3’s back-to-back loans in Edgewater and Princeton suggest the lender is underwriting Live Local deals across a range of Miami-Dade submarkets, not just the urban core.