JERICHO, NEW YORK (January 30, 2013) – ACRES Capital, LLC (“ACRES”) is pleased to announce the funding of a bridge loan to renovate existing, two-family homes within a 19-home subdivision.. This subdivision, commonly known as Morgan Court, was originally developed between 1965 and 1970 as low income multifamily housing in a joint venture between the City’s Housing Authority and HUD. As the project failed and these homes have sat vacant since 2006, this neighborhood has become a blight on the community and local neighborhood. The project’s current sponsors approached the City Housing Authority with a vision for re-development of these dilapidated homes into newly renovated residences that would transform the neighborhood into a vibrant middle-class community that would improve the local area and its reputation.
ABOUT ACRES CAPITAL
ACRES Capital is a direct lender operating on a nationwide platform. The company seeks opportunities in the $2 million to $20 million range on stabilized or distressed properties including Multifamily, Retail, Office, Hospitality, Industrial and New Construction. For more information please visit www.acrescap.com.