New York, NY
Mixed Use - Refinance
ACRES Capital, LLC (“ACRES”) is pleased to announce the funding of a bridge loan which was used to refinance a 22-foot wide, five-story single family, residential townhouse with ground floor commercial space/art gallery. The property is known as the Waterfall Mansion and Gallery and is located in the Upper East Side neighborhood of New York City, NY. Built in 1899 as a classic carriage house, the property was the former home and workspace for acclaimed fabric designers and artists, DD and Leslie Tillett. The artistic history of the property led to the concept of “Artful Living,” which included the art gallery and ultra-luxury residential space with high-level art throughout the living space. Designed by world renowned architect, Toshiko Mori, the LEED certified property has been featured in a number of architectural, art and real estate features and publications for its distinct design and blended living and art concept. The property features six floors with nine rooms, 8.5 bathrooms and an elevator with a roof top garden. Additionally, there is a 23-foot high indoor cascading waterfall and sculpture pond garden, a private spa, and 1,000 bottle wine cellar with customized lighting.
President & CEO of ACRES Capital, Mark Fogel commented “our Sponsor spent four years meticulously upgrading this one-of-a-kind mixed use townhouse while also developing a unique business model to blend art with high-end living. Over the past few years, the concept has taken shape and ACRES is excited to be a part of the on-going growth of Waterfall Mansion.”
ABOUT ACRES CAPITAL
ACRES Capital is a direct lender operating on a nationwide platform. The company seeks opportunities in the $4 million to $50 million range on stabilized or distressed properties including Multifamily, Retail, Office, Hospitality, Industrial and New Construction. For more information please visit www.acrescap.com.