Mixed Use - Acquisition/Predevelopment
JERICHO, NY – ACRES Capital, LLC (“ACRES”) announces the funding of a bridge loan on two mixed use buildings in Chelsea, NY.
The loan proceeds will be used to refinance the property, buy-out tenants and to fund the soft costs associated with the predevelopment of the project. The property currently consists of two contiguous mixed-use buildings. The current plan is to demolish both existing buildings and construct a 27,740± SF residential tower with a parking tower and other amenities.
The property, located in the vibrant neighborhood of Chelsea, is within walking distance to some of the most popular New York City destinations including, The Highline, Chelsea Piers and Chelsea Market. In the past few years, the area has become one of the most desirable districts to reside in within the city.
“ACRES is always seeking out opportunities to fund loans on superior properties with strong sponsors and an achievable plan. This property represents all of these qualities. As in past closings, the sponsor needed a fast turnaround, and ACRES was able to meet the deadline,” according to Mark Fogel, President and Chief Executive Officer of ACRES.