Industrial - Acquisition/Lease-Up
JERICHO, NY – ACRES Capital, LLC (“ACRES”) announces the funding of a note purchase loan secured on 206 & 208 Route 109, Farmingdale, NY . As additional security ACRES will perfect a secured interest in 19 unencumbered condominium units located in Brooklyn, NY, which are owned by the Sponsor.
The sponsor intends to use the loan to purchase the defaulted loan from People’s United Bank and effectively sell or refinance 206 & 208 Route 109 buildings. The 206 building is a single-tenant building containing 10,014± SF. The 208 building is an improved two-story, plus partially finished basement, multi-tenant office/warehouse building containing 34,151± SF. The 208 building is 93% leased and occupied. Proceeds of ACRES’s loan, funded the sponsor’s acquisition of the notes on the Farmingdale properties.
“This financing plan ultimately allowed the sponsor to find the best possible solution in acquiring and growing this property to its full potentials in this up and coming commercial real estate area.” according to Mark Fogel, President and Chief Executive Officer of ACRES.