JERICHO, NY (February 12, 2015) – ACRES Capital LLC (“ACRES”) announces the funding of a bridge loan secured by 36 West 10th Street, a vacant four-unit townhouse, located in the Greenwich Village neighborhood of Manhattan’s lower West Side (New York City, New York).
The Sponsors are acquiring the property with the intent to transform it to one single-family residence. Built in 1856, the property is situated on a 1,975± square-foot lot and currently improved with a 21-foot wide, five-story (plus walk-out basement), four-unit building. Comprising a total 8,700± square feet, this townhouse is located on 10th Street in the heart of Greenwich Village between 5th and 6th Avenues. Loan proceeds were used to facilitate acquisition of the property and fund renovation and interest reserves.
“We are excited to finance another extraordinary project in such an exclusive enclave of New York City with this repeat client and continue to demonstrate our expertise and success in meeting our borrowers’ needs through superior diligence and execution. This property is well-situated on one of the prime residential blocks in the heart of Greenwich Village, which is ranked among the ten most expensive neighborhoods in the United States. This real estate play is yet another example of enhancing a property’s value by achieving its highest and best use and we are pleased to once again be a part of it,” according to Mark Fogel, President and Chief Executive Officer of ACRES.
ABOUT ACRES CAPITAL
ACRES Capital is a direct lender operating on a nationwide platform. The company seeks opportunities in the $2 million to $30 million range on stabilized or distressed properties including Multifamily, Retail, Office, Hospitality, Industrial and New Construction. For more information please visit www.acrescap.com.