Mixed Use - Acquisition/Predevelopment
JERICHO, NY – ACRES Capital, LLC (“ACRES”) announces the funding of a first mortgage loan on a 5.7 acre lot in Elizabeth, NJ.
The loan was used to acquire the property and to fund predevelopment costs associated with the project. The to-be-built 5-story, 500,000 square feet residential complex will include 400 rental units and 20,000 square feet of ground floor retail and will be completed in 2018.
The project is located in the city of Elizabeth, which is a very diverse, working class city, only minutes away from Newark Airport. The project is less than 1 mile away from the Elizabeth train station, allowing access to employment centers in New York City, Newark and Western New Jersey.
“ACRES has emerged as a highly reliable lender for complex situations in a debt marketplace that currently prefers simplicity. Our borrower identified this site as one on which the developed property would allow for significant value creation. We spent time understanding the plan and its feasibility to put together a sensible loan, allowing the borrower to proceed with his vision” according to Mark Fogel, President and Chief Executive Officer of ACRES Capital.