ACRES Provides $30.5 Million Bridge Loan for a Multifamily Property in Queens, New York
AUGUST 21, 2025Loan to refinance a 90- unit Class A-multifamily property in New York
Ridgewood, NY – (August 21, 2025) – ACRES Capital Corp. (together with its affiliates, “ACRES”) announced today that it has provided a $30.5 million first-mortgage bridge loan to refinance The Mill, a newly built, seven-story, 90-unit multifamily property located at 1614–1626 Madison Street in the Ridgewood neighborhood of Queens, New York (the “Property”). The sponsor, Essex Capital, is a vertically integrated real estate investment, development, and asset-management firm with a track record exceeding $3 billion across more than five million square feet of multifamily, mixed-use, and commercial projects.
“The Mill exemplifies the kind of institutional-quality, well-located multifamily asset that continues to outperform in New York City’s outer boroughs,” said ACRES Chief Executive Officer and President Mark Fogel. “We are pleased to support Essex Capital’s business plan and further expand ACRES’ footprint in dynamic neighborhoods like Ridgewood.”
